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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?

jerry · Posted: Thu Nov 24, 2005 2:22 am Post subject: RE:

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

Caron · Posted: Thu Nov 24, 2005 3:36 am Post subject: RE:

Hi,

Welcome to the forums.

You have a interesting name.

Guest

Who prepares this Hud-1? Selling Agent? Buying Agent? Attorney (whose)? Title Company?

gmakerley · Posted: Thu Feb 04, 2010 10:54 am Post subject:

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.

bg0427 · Posted: Thu Feb 04, 2010 11:37 am Post subject:

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.

jveenstra · Posted: Thu Feb 04, 2010 1:33 pm Post subject: HUD

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.

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HUD-1 Settlement Statement