Get the free Illinois HUD-1a Closing Statement where no Seller only Borrower

U.S. Department of Housing and Urban Development Settlement Statement Optional Form for Transactions without Sellers Name & Address of Borrower: Name & Address of Lender: Property Location: (if different

How to fill out illinois hud-1a closing statement

To fill out the Illinois HUD-1A closing statement, follow these steps:

1. Obtain a copy of the blank Illinois HUD-1A form. This form can be obtained from the Illinois Department of Financial and Professional Regulation or from a real estate attorney.
2. Enter the date of the closing at the top of the form. This is the date when the transaction will be finalized.
3. Provide the names and contact information for all parties involved in the transaction, including the buyer, seller, and any real estate agents or attorneys.
4. Fill in the property information, including the address of the property being sold and a legal description if available.
5. Enter the purchase price agreed upon by the buyer and seller. This is the amount that the buyer will pay to acquire the property.
6. Include any adjustments or credits that may be applicable to the transaction, such as prorated taxes, prepaid items, or seller concessions. These adjustments can affect the final amount due at closing.
7. Calculate the total settlement charges and other fees associated with the transaction. This includes items such as loan origination fees, appraisal fees, and title insurance premiums. These charges should be itemized on the form.
8. Determine the amount of money being paid by the buyer and the seller at closing. This includes the buyer’s down payment and any additional funds required to close the transaction.
9. Verify that all calculations and figures on the form are accurate and complete. Double-check the math and review the entire document for any errors or omissions.
10. Sign and date the Illinois HUD-1A closing statement once it is complete. All parties involved in the transaction should sign the form to acknowledge their agreement with the terms and figures outlined on the statement.

Who needs Illinois HUD-1A closing statement:

1. Homebuyers: Buyers who are purchasing a property in the state of Illinois will need an Illinois HUD-1A closing statement as part of the closing process.
2. Sellers: Sellers who are selling a property in Illinois are also required to provide an Illinois HUD-1A closing statement to the buyer and any other parties involved in the transaction.
3. Real estate professionals: Real estate agents, brokers, and attorneys involved in the transaction will need the Illinois HUD-1A closing statement to ensure all financial aspects of the sale are accurately documented and accounted for.

New HUD-1a approved by the Secretary of Housing and Urban Development for use when there is no Seller. For use for refinancing. This form is in fillable PDF format. This form is designed to be printed on legal size. 8 1/2 by 14.

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What is illinois hud-1a closing statement?

The Illinois HUD-1A closing statement is a standardized form used during real estate transactions to document the financial details of the closing, including the sale price, fees, and taxes.

Who is required to file illinois hud-1a closing statement?

The parties involved in a real estate transaction, including the buyer, seller, and the closing agent or attorney, are required to complete and file the Illinois HUD-1A closing statement.

How to fill out illinois hud-1a closing statement?

To fill out the Illinois HUD-1A closing statement, you need to enter relevant financial information such as the sale price, loan information, prorated taxes, and fees. You may need the assistance of a licensed closing agent or attorney to ensure accurate completion.

What is the purpose of illinois hud-1a closing statement?

The purpose of the Illinois HUD-1A closing statement is to provide a detailed breakdown of the financial aspects of the real estate transaction, ensuring transparency and accountability for all parties involved.

What information must be reported on illinois hud-1a closing statement?

The Illinois HUD-1A closing statement should include information such as the sale price, loan amount, lender fees, title fees, prorated taxes, insurance costs, and any other financial details related to the closing.