Real Estate Blog - HUD-1 statements...do you use them in your state and is it your law?

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HUD-1 statements...do you use them in your state and is it your law?

HUD-1 statements...do you use them in your state and is it your law?

What is a HUD-1

It is the reconciliary statement that is used at closing that explaines the costs to you the buyer and to the seller as to who owes what to each other.

The HUD-1 Settlement Statement is the closing statement required to be used in all transactions covered under the Real Estate Settlement Procedures Act (RESPA).

What forms do you do in your state at closing to settle at closing?

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Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 08/30/2009 09:04 PM

Comments (5)

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5 Comments on HUD-1 statements...do you use them in your state and is it your law?

AUG

HUD-1 is what the deal is in Illinois. I love having and easy to read HUD.

I thought everyone had to use a HUD one. I guess it will be interesting to see if that is the case.

We use the HUD 1 exclusively here in the Metro Detroit Michigan area.

I'm speechless, every state uses a HUD-1 also known as a settlement statement. This is absolutly amazing that a licecsed real estate agent doesn't know what a HUD-1 is. I'm sorry but I just couldn't hold back. If you have anymore questions email me.

AUG

Larry,

That was/is my understanding as well, however, there was a sales associate that called me about a referral and didn't know what a HUD-1 was...so I'm just checking to make sure that I understand this is correct.

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