Whether you are buying or selling Real Estate, at the closing you will see a form called the HUD-1 Settlement Statement.  This is a standard form used across the country that in a nutshell, acts as a receipt of your transaction.  It will list all debits and credits that are associated with the transaction for both parties.  Every action involving money or consideration is required to be on the HUD-1 for many reasons, but the main one is for RESPA compliance.  RESPA (Real Estate Settlement Procedures Act) regulates a lot of the processes that occur when loaning money....so you will see many lender ads or bank ads that will say RESPA compliant.  This protects the public....that means you.  HUD is from the Department of Housing and Urban Development.  This department does a lot to protect the public and tries to make shelter....not just buying or selling a home....available and humane. 

So the next time you hear of a HUD in a Real Estate closing they are probably referring to the closing statement that details the transaction.  For more information on Real Estate please visit our website.