Posted: Thu Nov 24, 2005 2:05 am Post subject: HUD-1 Settlement Statement
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?
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.
Posted: Thu Nov 24, 2005 3:36 am Post subject: RE:
Hi,
Welcome to the forums.
You have a interesting name.
Quote:
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.
jerry
