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Proceed to fill out the details of the property, including its address, sale price, and financing information.
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An example of a HUD settlement is the HUD-1 Settlement Statement, which is used in real estate transactions to outline all costs and fees associated with the closing of a property.
Lenders, settlement agents, and other parties involved in a real estate transaction must file the HUD-1 Settlement Statement.
To fill out a HUD-1 Settlement Statement, list all closing costs, fees, and payments in the specified sections, ensuring accuracy and compliance with regulations.
The purpose of the HUD-1 Settlement Statement is to provide a transparent view of all financial transactions and agreements in a real estate closing.
Information that must be reported includes the purchase price, loan amount, closing costs, prorations, and any credits or debits for both buyers and sellers.
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