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OMB Approval No. 2502-0265 A. Settlement Statement HUD-1 B. Type of Loan FHA 2. VA RHS Conv. Unins. Total Paid by/for Borrower 300. Cash at Settlement from/to Borrower 301. Gross amount due from borrower line 120 302. Named insured is the trustor/settlor to whom title to the insured land is transferred after Date of Policy. Estate taxes for any period prior to your ownership because of construction or change of ownership. FTPA-79 STANDARD OWNER S POLICY VS. ENHANCED HOMEOWNER S POLICY COVERED...

How to fill out hud 1 settlement statement

How to fill out HUD-1 settlement statement:

1. Begin by gathering all necessary documents and information. You will need the purchase contract, loan estimate, and any other relevant paperwork. Also, collect details about the buyer, seller, and property.
2. Review the first section of the HUD-1 form, which includes general information about the transaction. Fill in the names and addresses of the buyer, seller, and settlement agent. Indicate the date of settlement and the property location.
3. Proceed to the second section, which lists information about the loan. Input details such as the loan amount, interest rate, and term. Include any prepaid interest, mortgage insurance premiums, or funding fees, if applicable.
4. Move on to the third section, covering the borrower's and seller's charges. Here, you will record any fees associated with the loan, such as origination fees, appraisal fees, or credit report charges. Also, note any prorated expenses like property taxes or homeowner association fees.
5. In the fourth section, disclose any additional settlement charges such as title insurance, government recording charges, or survey fees. Make sure to itemize each fee and provide their corresponding amounts.
6. Proceed to the fifth section, which includes the borrower's and seller's adjustments. This is where you calculate any prorated items like rent, interest, or homeowner association dues. Ensure that all adjustments are calculated accurately based on the specified dates.
7. In the sixth section, calculate the cash at settlement for both the borrower and the seller. This includes deductions for deposits and any other relevant adjustments. The resulting figures need to be accurate to ensure a balanced settlement.
8. Conclude by reviewing all entries and double-checking for any errors or missing information. Ensure that the buyer and seller sign the HUD-1 form, acknowledging their understanding of the settlement statement.

Who needs a HUD-1 settlement statement?

A HUD-1 settlement statement is required for real estate transactions involving federally-related mortgage loans. It is typically used in residential transactions and serves as a detailed account of the financial aspects of the closing. The buyer, seller, lender, and settlement agent all need a HUD-1 settlement statement to properly document the transaction and ensure compliance with relevant regulations.

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What is hud 1 settlement statement?

The HUD-1 Settlement Statement is a form used by the closing agent to itemize all charges, credits, and fees in a real estate transaction.

Who is required to file hud 1 settlement statement?

The closing agent or settlement agent is responsible for preparing and filing the HUD-1 Settlement Statement.

How to fill out hud 1 settlement statement?

To fill out the HUD-1 Settlement Statement, the closing agent must itemize all charges, credits, and fees related to the real estate transaction.

What is the purpose of hud 1 settlement statement?

The purpose of the HUD-1 Settlement Statement is to provide a detailed breakdown of all financial aspects of a real estate transaction for both the buyer and the seller.

What information must be reported on hud 1 settlement statement?

The HUD-1 Settlement Statement must include details of the purchase price, loan terms, closing costs, prepaid expenses, and any other financial obligations related to the real estate transaction.