The HUD-1 Settlement Statement itemizes the amounts to be paid by the buyer and the seller at closing. The blank HUD-1 Settlement Statement form is published by the U.S. Department of Housing and Urban Development (HUD).Items on the statement include:
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Loan Fees |
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Real Estate Commissions |
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Points |
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Escrow Amounts |
The form is filled out by your closing agent and must be signed by the buyer and the seller. The buyer should be allowed to review the HUD-1 Settlement Statement on the business day before the closing meeting to know the closing costs in advance.
The HUD-1 Settlement Statement is also known as the "closing statement" or "settlement sheet." The "estimated settlement statement" is prepared for signature by both parties at the time all other documents are executed. It contains all available calculations as of that date, and is based on an agreed upon date of disbursement. It is not uncommon for the settlement date to be delayed. If this is the case, the escrow closer prepares a second settlement statement containing necessary changes (by virtue of the propration and interest adjustments, or the addition or deletion of other charges, as instructed by the parties). The closer then labels it "final settlement statement" and mails it to both parties on the date of disbursement. It is not necessary to obtain signatures on this second statement before disbursing funds.
| HUD-1 Settlement
Statement
Costs
PAGE TWO L. SETTLEMENT CHARGES
700. TOTAL SALES/BROKER’S COMMISSION based on price
$ @ %=
PAID FROM BORROWER’S FUNDS AT SETTLEMENT
PAID FROM SELLER’S FUNDS AT
SETTLEMENT Division of Commission (line 700) as follows:
701. $ to
702. $ to
703. Commission paid at Settlement
704.
800. ITEMS PAYABLE IN CONNECTION WITH LOAN
801. Loan Origination Fee %
802. Loan Discount %
803. Appraisal Fee to
804. Credit Report to
805. Lender’s Inspection Fee
806. Mortgage Insurance Application Fee to
807. Assumption Fee
808.
809.
810.
811.
900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901. Interest from to @$ /day
902. Mortgage Insurance Premium for months to
903. Hazard Insurance Premium for years to
904. years to
905.
1000. RESERVES DEPOSITED WITH LENDER
1001. Hazard Insurance months @ $ per month
1002. Mortgage insurance months @ $ per month
1003. City property taxes months @ $ per month
1004. County property taxes months @ $ per month
1005. Annual assessments months @ $ per month
1006. months @ $ per month
1007. months @ $ per month
1008. Aggregate Adjustment
months @ $ per month
1100. TITLE CHARGES
1101. Settlement or closing fee to
1102. Abstract or title search to
1103. Title examination to
1104. Title insurance binder to
1105. Document preparation to
1106. Notary fees to
1107. Attorney’s fees to
(includes above items numbers; )
1108. Title Insurance to
(includes above items numbers; )
1109. Lender’s coverage $
1110. Owner’s coverage $
1111.
1112.
1113.
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201. Recording fees: Deed $ ; Mortgage $ ; Releases $
1202. City/county tax/stamps: Deed $ ; Mortgage $
1203. State tax/stamps: Deed $ ; Mortgage $
1204.
1205.
1300. ADDITIONAL SETTLEMENT CHARGES
1301. Survey to
1302. Pest inspection to
1303.
1304.
1305.
1400. TOTAL SETTLEMENT CHARGES (enter on lines 103,
Section J and 502, Section K)
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