What is a HUD-1 Statement or Settlement Form?

Real Estate Agent with Versailles Property CA BRE# 01791487

HUD-1 is a settlement form that is completed by the closing agent; this itemizes the charges, whether you are the buyer or seller involved in a real estate transaction. This also includes any fees that are associated with the transaction but are to be paid prior to the closing.HUD-1 Form

Any mortgage loans in the United States that are related to federal loan require that a HUD-1 form be completed. The Real Estate Settlement Procedures Act (RESPA) has statutes that require a HUD-1 form to be completed as the standard settlement form.

The distribution of the HUD-1 form, per the RESPA, a copy should be given at least a day in advance from the settlement day. This gives you the opportunity to ask any questions you may have and with multiple people reviewing the form; the more likely errors will be found; this is normal, mistakes can happen.

Funds paid by either the buyer or seller are listed and tabulated on this form; this is beneficial since the all of these entries will probably not be listed on the closing statement. The purpose of this form is to give you an accurate statement of the actual settlement costs. There will also be items listed as paid outside the closing costs; this is for informational purposes only, these amounts are not included in the total amounts due for the closing costs.

Items that are included on the HUD-1 form are line by line description of settlement charges, agency commissions, amounts the lender requires to be paid in advance such as insurance, escrow funds collected by the lender, title charges, summary of the buyer’s transactions, and summary of seller’s transactions.

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Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Deepak-I know the one day in advance is on the books, but sometimes it is only availble moments before the Closing appointment. I guess you could say there is a gap between the ideal and the actual in some situations.

Jun 17, 2012 10:58 AM #1
James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Thanks for sharing your blog on Activerain.  Please, join our group on LinkedIn, ‘REO Institute’. We share real estate information regarding market trends, Short Sales, BPOs, REOs, ideas, education/training, and Commercial education. We value you your comments, opinions about the real estate industry.


James A. Browning MRE, CEO & Founder, REO Institute

Jul 19, 2012 02:25 AM #2
Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

Thanks for your post and outline of the HUD-1 form.  These settlement closing statement forms should be completed by escrows here in California and include funds paid and consideration transferred by all buyers and sellers.

Sep 16, 2012 05:23 AM #3
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Deepak Chauhan

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