Home buyers - don't get burned! Make sure that anything your lender, agent/broker or the seller promises you is listed on the HUD-1 Settlement Statement at closing so it's actually credited it to you. Once you sign off on the HUD-1 and leave the title company's office, you may be stuck not ever receiving the credit.

If there is a chance you can get the credit after closing, you'll have to jump through major hoops to say the least. The main reason why is because the general rule of thumb in real estate is that if it's not in writing, it's not enforceable (check with a lawyer for professional guidance).

For example...

I had a closing last Monday in which my buyer clients almost signed off on the HUD-1 Settlement Statement without noticing that the credit of $1073.00 promised to them by the lender was not there. Luckily, the buyers made a mention of the credit to the settlement agent and I and we all realized that the credit was not on the HUD-1.

We immediately called the loan officer to get updated loan docs sent over showing a credit for $1073.00. We then made the change on the HUD-1 and the buyers received the credit as promised. Had we not noticed before leaving the title company's office, they would have paid $1073.00 more than they should have.

***Tip: Tell your buyer's agent about any and all agreements or credits you and your lender talked about/been promised. Your agent goes to settlements all the time and knows what/where to look for these kinds of things. If you tell your buyer's agent about it, they will be able to find it on the HUD-1 or realize it's not there right away. Your buyer's agent could save you from losing that money if you miss the mistake yourself.