Get the free Georgia HUD-1 Closing Statement

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

How to fill out georgia hud-1 closing statement

How to fill out Georgia HUD-1 closing statement:

1. Gather all necessary information and documents: Before filling out the Georgia HUD-1 closing statement, you will need to collect various documents such as the sales contract, loan documents, and any other relevant paperwork. This will ensure that you have all the necessary information at hand.
2. Review the sales contract: Carefully go through the sales contract to understand the terms of the agreement, including the purchase price, any contingencies, and who is responsible for certain costs such as taxes and fees. This will help you accurately fill out the HUD-1 closing statement.
3. Identify the parties involved: Begin by listing all parties involved in the transaction, including the buyer, seller, and lender. Make sure to include their full legal names, contact information, and any other required details.
4. Fill out the sales price and loan information: Enter the purchase price of the property and any applicable loan information. This includes the loan amount, interest rate, and any points or fees associated with the loan.
5. Detail the settlement charges: List all costs associated with the closing, such as attorney fees, recording fees, title insurance, and any prepaid expenses like property taxes or homeowners association fees. Be sure to disclose each charge separately and accurately.
6. Calculate adjustments: Determine any adjustments required for expenses that are prorated between the buyer and seller. Common adjustments include property taxes, prepaid insurance, and rent or utility payments.
7. Calculate totals and net amounts: Calculate the total amounts for both the buyer and the seller, including the gross amount due from the buyer and the gross amount due to the seller. Then, subtract the appropriate adjustments, fees, and charges to determine the net amounts.
8. Review and double-check: Carefully review the completed HUD-1 closing statement for accuracy and make any necessary revisions. It is crucial to ensure that all numbers and calculations are correct before finalizing the document.

Who needs Georgia HUD-1 closing statement:

1. Buyers: Buyers of real estate in Georgia typically need a HUD-1 closing statement. This document provides a detailed breakdown of all the costs associated with the purchase, ensuring transparency and clarity regarding the financial aspects of the transaction.
2. Sellers: Sellers are also in need of a Georgia HUD-1 closing statement. It outlines the proceeds they will receive from the sale, deducting any outstanding mortgage balance or other expenses associated with the transaction.
3. Lenders: Lenders involved in the real estate transaction also require a copy of the HUD-1 closing statement. It helps them understand the financial aspects of the transaction, including the loan amount, fees, and adjustments.

Note: It is essential to consult with a real estate attorney or a qualified professional who can guide you through the process of filling out the Georgia HUD-1 closing statement accurately and legally.

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

For pdfFiller’s FAQs

What is georgia hud-1 closing statement?

The Georgia HUD-1 closing statement, also known as the Settlement Statement, is a document used in real estate transactions to detail the financial transactions between the buyer and seller during the closing process.

Who is required to file georgia hud-1 closing statement?

The party responsible for completing and filing the Georgia HUD-1 closing statement is typically the settlement agent or the person handling the closing, such as a real estate attorney or title company.

How to fill out georgia hud-1 closing statement?

To fill out the Georgia HUD-1 closing statement, the settlement agent or closing professional must carefully review the transaction details, including the purchase price, loan information, prorated taxes, and any other applicable fees. They then enter this information into the appropriate sections of the HUD-1 form.

What is the purpose of georgia hud-1 closing statement?

The purpose of the Georgia HUD-1 closing statement is to provide a comprehensive breakdown of the financial aspects of a real estate transaction, ensuring transparency and accuracy in the closing process. It helps both the buyer and seller understand their financial obligations and the distribution of funds.

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

The Georgia HUD-1 closing statement includes information such as the names and addresses of the buyer and seller, property details, loan information, prorated taxes, closing costs, and the final settlement figures. It also outlines any adjustments made, such as prorated insurance premiums and earnest money deposits.