Settlement Statement. It is also used to list the costs and charges associated with taking out a loan when a homeowner refinances his property. The HUD 1 or 1A is typically prepared by a settlement agent who will deliver the completed form at, or immediately prior to closing.
While not an exhaustive list, the information below is meant to serve as an explanation of the standard items provided on your HUD-1 Settlement Statement. (The HUD-1 is a detailed summary of closing.
The HUD-1 settlement statement is a standard government real estate form that was once used by the settlement agent (also called the closing agent) to itemize all charges imposed upon a borrower and seller for a real estate transaction. It is typically no longer used except for one exception.
Note: This article refers to a form that is in use until October 3, 2015. For those who submit a mortgage application on or after this date, two new forms, called a "Loan Estimate" and a "Closing Disclosure," replace the HUD-1 Settlement Statement, the good faith estimate, and the Truth-in-Lending disclosure form that were formerly required in mortgage loan closings.
You are provided with a HUD-1 settlement statement to go over your loan terms instead of the closing disclosure you would receive on a manufactured home that is affixed and taxed as real property. HUD-1 statement vs. closing disclosure. In the past, most borrowers received a HUD-1 settlement statement before closing.
The closing statement to a real estate purchase contains many potential tax deductions for you. Treatment of closing statement line items differ depending on whether property is business (rental) property or used as a personal residence. Below is a helpful table of typical tax treatments of major line items from your HUD-1 statement.
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Settlement Statement– Instructions: HUD-1A: Settlement Statement – Optional Form for Transactions without Sellers: hud-gfe: good faith estimate: HUD-1000: Accommodation Request For Persons With Disabilities: HUD-101: IPIA Request for Labels (order control) (09/2016) hud-1012: travel voucher Attachment: HUD-1013: Time Limit and Mentoring Agreement (Supplemental form required with Phased Retirement Application) (08/2015) HUD-1026
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A settlement statement, or Form HUD-1, is a document that indicates fees and charges that both the buyer and seller incur during the settlement process of a housing transaction. The U.S. Department of Housing and Urban Development administers Form HUD-1 and other documents necessary to close a real estate transaction.