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HUD-1 SETTLEMENT STATEMENT
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document that provides an itemized listing of the funds that
were paid at closing. Items that appear on the statement
include real estate commissions, loan fees, points, and
initial escrow (impound) amounts. Each type of expense goes
on a specific numbered line on the sheet. The totals at the
bottom of the HUD-1 statement define the seller's net
proceeds and the buyer's net payment at closing. It is
called a HUD1 because the form is printed by the Department
of Housing and Urban Development (HUD). The HUD1 statement
is also known as the "closing statement" or "settlement
sheet." |
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BACK TO GLOSSARY |
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Simplicity
Mortgage - 6180
E. State Street, Suite #5 - Rockford, IL.
61108
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