HUD-1 Statement Good Faith Estimate
The HUD-1 Statement (sometimes called the "good faith estimate" or "settlement statement") is a government mandated disclosure form for purchasing properties when using Federally guaranteed loans. If you pay cash for a property, it is not needed. HUD is an acronym for Housing and Urban Development.
The HUD-1 settlement statement itemizes all of the closing costs for both buyer and seller in a real estate transaction. It provides a complete list of where all the money is going (even money for costs POC - paid outside of closing).
The closing agent must give you a copy of the HUD-1 form at least 1 day prior to closing. A blank example of the
Typical items documented in the statement include sales price, Realtor fees, bank charges, Title search fees, pre-paid taxes, pre-paid escrow amounts, legal fees, recording fees, and the amount to the seller. Page 2 of the form is a detailed explanation of a single line item on the first page.
Some specialists in real estate closings that you may need include:
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