How to Read and Understand the HUD Settlement Statement – Previous Post. According to RESPA, "A preliminary copy of a hud-1 settlement statement is required if the borrower requests it 24 hours before closing." A buyer or seller can ask for an emailed copy from their real estate agent (if they are working with one), or from the title company handling the transaction.
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The HUD-1 settlement statement details the cost and fees of a financed real estate transaction, and should be read carefully before closing. The HUD-1 Settlement Statement is a breakdown of the expenses home sellers and homebuyers incur in a real estate sale. The settlement statement gives both parties a full picture of the expenses.
The Buyer. Chances are the first time you see a real estate closing statement will be as a home buyer. The debit section highlights the items that are part of the total you’ll owe at closing, including the amount due for closing and title costs, which are generally halved with the seller.
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If you printed the HUD-1, flip to Section L on page 2. That’s where many entries are tabulated before being brought forward to page 1. Columns contain charges that are paid from either the borrower’s or the seller’s funds. Your closing statement probably won’t have entries in all lines.
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How to Read a HUD Statement | Pocketsense – How to Read a HUD Statement. The Summary of the Seller’s Transaction on the right column of the first page lists the gross amount due to Seller based on items such as the contract of sale price, open taxes due, settlement charges and the payoff of any applicable mortgages on the property.
A settlement agent, or closing agent, will prepare a HUD-1 settlement statement at the closing of a real estate loan. The final version will explicitly state all costs involved with the real estate loan and to whom the individual charges and fees will be paid to.
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Take confusion out of your real estate closing with this step by step article detailing how to read a HUD settlement statement. Complete with photos!Take confusion out of your real estate closing with this step by step article detailing how to read a HUD settlement statement. Complete with photos!