what is a hud-1 settlement statement

A. Settlement Statement (HUD-1). HUD-1. Page 1 of 3. Previous edition are obsolete. This form is furnished to give you a statement of actual settlement costs.

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The HUD-1 settlement statement itemizes closing costs, including prepaid items such as real property taxes and mortage interest. Since those taxes may have been already been paid by the seller for a period after closing, as the buyer you will repay this amount to the seller at closing.

The HUD-1 statement lists the costs and fees incurred with the financing of a home. It is imperative that a buyer and seller understand and carefully review the document to ensure it is accurate. The HUD-1 statement is required by Real Estate Settlement Procedures Act (RESPA) to be used in federally regulated mortgage loans.

The HUD-1 settlement statement is a standard government real estate form that was once used by the settlement agent (also called the closing agent) to itemize all charges imposed upon a borrower and seller for a real estate transaction.

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The HUD-1 Settlement Statement itemizes every transaction, providing the buyer and seller with full disclosure of all costs incurred and to whom they are paid.

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Home / Program Offices / Chief Human Capital Officer / HUDCLIPS / Forms Resource / HUD-1 Forms. HUD Forms 1 through 185. Jump to Forms 1 — 11772-II 1365 — 185. Number: Name /Version Date: HUD-1: Settlement statement– instructions: hud-1a: settlement Statement – Optional Form for Transactions.

HUD-1 Settlement Statement. 1986-2015: Prior to October 2015, the Settlement Statement was known as the HUD-1, which is a standard government form issued by the Closing Agent that lists all credits, charges and home loan terms for both the buyer and the seller in all real estate transactions that required a mortgage. The charges for both the borrower and seller were listed on the same form, with borrower charges on one side of the form and seller charges on the other.

The HUD-1 Settlement Statement details the cost and fees of a financed real estate transaction, and should be read carefully before closing.

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