Get the free New York HUD-1 Closing Statement

This HUD-1 Closing Statement is approved by the Secretary of Housing and Urban Development. This form is available in fillable PDF format and is designed to be printed on legal size (8 1/2 by 14)

How to fill out new york hud-1 closing

Filling out the New York HUD-1 closing involves several steps. Here is a point-by-point guide:

1. Start by obtaining a blank HUD-1 form, which is available online or through your real estate agent or attorney. Ensure you have all the necessary information and documents for accuracy.
2. Begin by entering the basic information at the top of the form, including the property address, buyer's and seller's names, and the date of closing.
3. Next, complete Section J - Summary of Borrower's Transaction. This section outlines the financial aspects of the transaction, such as the purchase price, loan amount, and any prorated expenses.
4. Move on to Section K - Summary of Seller's Transaction. Here, you will detail the funds the seller will receive, including the sales price, prorated amounts, and any unpaid taxes or assessments.
5. Proceed to Section L - Settlement Charges. This section itemizes all the costs associated with the transaction, including loan fees, title charges, and other expenses. Be sure to reconcile this section with the loan estimate and other relevant documents.
6. Complete Section M - Summary of Seller's Transaction. This section mirrors Section K but provides a breakdown of the seller's expenses, such as the outstanding mortgage balance, real estate commissions, and any unpaid taxes or assessments.
7. Review all the sections for accuracy and completeness. Double-check calculations and ensure that all required fields are filled in properly.

Now, let's address who needs the New York HUD-1 closing:

1. Buyers: The buyer needs the New York HUD-1 closing to understand the financial aspects of the transaction, including costs, credits, and prorated expenses. It helps the buyer track the flow of funds, facilitating a transparent and informed closing process.
2. Sellers: The seller also requires the New York HUD-1 closing to comprehend the financial implications of the transaction. It provides a detailed breakdown of the seller's expenses, proceeds, and any outstanding obligations, enabling a clear understanding of the net proceeds from the sale.
3. Lenders and Title Companies: Lenders and title companies typically require the New York HUD-1 closing to ensure that all financial aspects of the transaction are accurately documented. It helps them verify the flow of funds, validate prorated amounts, and confirm compliance with applicable regulations.

Ultimately, the New York HUD-1 closing is a crucial document for all parties involved in a real estate transaction, aiding in financial transparency, accuracy, and compliance.

This HUD-1 Closing Statement is approved by the Secretary of Housing and Urban Development. This form is available in fillable PDF format and is designed to be printed on legal size (8 1/2 by 14) paper.

For pdfFiller’s FAQs

What is new york hud-1 closing?

New York HUD-1 closing refers to the closing statement for real estate transactions in New York that outlines the financial details of the transaction.

Who is required to file new york hud-1 closing?

The buyer and seller, as well as the lender, are usually required to file the New York HUD-1 closing.

How to fill out new york hud-1 closing?

To fill out the New York HUD-1 closing form, you need to provide information about the buyer, seller, property details, loan details, and all financial transactions related to the real estate transaction.

What is the purpose of new york hud-1 closing?

The purpose of the New York HUD-1 closing is to provide a detailed breakdown of all the financial aspects of the real estate transaction, ensuring transparency and accountability.

What information must be reported on new york hud-1 closing?

The New York HUD-1 closing form requires information such as the sale price, loan amount, closing costs, taxes, insurance, and other financial details related to the real estate transaction.