Posted on: 24th Nov, 2005 01:05 am
I am in a middle of a real estate transaction. I have just been informed that I will get a HUD-1 settlement statement at the end of the transaction. I want to know what is HUD-1 settlement statement ? And when is it used?
Hi
HUD-1 settlement statement is a statement provided by the closing agent or the settlement agent to both the borrower and the seller. In the statement the agent itemizes all the charges imposed upon a borrower and seller for a real estate transaction. He will give a complete list of all their incoming and outgoing funds.
Thanks
Jerry
HUD-1 settlement statement is a statement provided by the closing agent or the settlement agent to both the borrower and the seller. In the statement the agent itemizes all the charges imposed upon a borrower and seller for a real estate transaction. He will give a complete list of all their incoming and outgoing funds.
Thanks
Jerry
Hi,
Welcome to the forums.
You have a interesting name.
"And when is it used?"
As per the statutes of the Real Estate Settlement Act (RESPA), the HUD-1 settlement statement is used as the standard form for all federally related mortgage transactions in the United States. It is required in all transactions that involve a buyer and seller including cash closings.
Hope this information will help you.
Thanks,
Caron
Welcome to the forums.
You have a interesting name.
"And when is it used?"
As per the statutes of the Real Estate Settlement Act (RESPA), the HUD-1 settlement statement is used as the standard form for all federally related mortgage transactions in the United States. It is required in all transactions that involve a buyer and seller including cash closings.
Hope this information will help you.
Thanks,
Caron
Who prepares this Hud-1? Selling Agent? Buying Agent? Attorney (whose)? Title Company?
the settlement statement is prepared by the law firm or title company - whoever is closing your loan - in cooperation with the lender. each has specific items that must appear and there must be cooperation and their information needs to coincide.
The HUD-1 is always prepared by the attorney or closing agent. But it will always require the approval of the lender/broker before any funds can be dispersed.
You will get one at the end of the transaction...............
There will be a HUD-I Settlemntn Statement at closing. You have a right to get it the day before closing so you can check all the money being charged before you get to closing.
The definitions above are correct. Just wanted to let you know when you can get it.
There will be a HUD-I Settlemntn Statement at closing. You have a right to get it the day before closing so you can check all the money being charged before you get to closing.
The definitions above are correct. Just wanted to let you know when you can get it.
