Making Sense of the HUD-1
With the amount of paperwork that is shuffled at a real estate closing, it is easy to become intimidated when it comes time to close a real estate transaction.
Don’t be intimidated. Most of this is the standard boilerplate and legalese. Most closing attorneys will breeze through this, expecting you to just nod and agree.
There is one area of your closing papers that you need to pay close attention to though: the HUD-1 or settlement form.
The HUD-1 is a government-mandated settlement statement that breaks down the costs of the real estate transaction in exhausting detail. This is an important document because it details how the end amount that the buyer and seller owe is calculated, and any miscalculation can mean that one party owes thousands more than they should.
So, let’s break down the HUD statement piece by piece. It’s only about two pages, so it shouldn’t take long. Here we go.
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