The Buyer. Chances are the first time you see a real estate closing statement will be as a home buyer. The debit section highlights the items that are part of the total you’ll owe at closing, including the amount due for closing and title costs, which are generally halved with the seller.
Understanding Your Closing Statement. When your escrow has closed you will receive a closing statement which is a summary of the costs and financial settlement of your real estate transaction. This closing statement will be important for future tax needs and other possible considerations.
Under the Real Estate Settlement Procedures Act, you have the right to review the HUD-1 statement before closing. Notify your lender if your HUD statement hasn’t arrived by the day before closing.
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Understanding Closing Statements. Then, during the week before closing, you will receive two final settlement documents. One is called the Closing Disclosure and the other is called the alta settlement statement. The good news is that these documents will have very similar numbers; the bad news is there are a few more sheets to read through.
As a real estate agent or broker, it’s imperative that you understand the HUD-1 Settlement Statement thoroughly. It’s not so that you can do the math for the client, but at least you need to be able to explain how it was done, or where these numbers come from.
The Difference Between HUD-1 & HUD-1A | Pocketsense – At the closing of a house sale, the settlement agent prepares a statement listing all the charges. The U.S. Department of Housing and Urban Development ( HUD) prescribes the form of settlement statement.. How to Read a HUD Statement.
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How to read a HUD1 – Settlement Statement: Statement at Closing. – The hud-1 settlement statement details the cost and fees of a financed real estate transaction, and should be read carefully before closing.