1p1 HUD 1 Settlement Statement
User Manual: HUD-1 Settlement Statement
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A. Settlement Statement OMB Approval No. 2502-0265 U.S. Department of Housing and Urban Development B. Type of Loan 6. File Number: 1. 4. FHA VA 2. 5. FmHA 3. Conv. Ins. 7. Loan Number: 8. Mortgage Insurance Case Number: Conv. Unins. C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked “(p.o.c.)” were paid outside the closing; they are shown here for informational purposes and are not included in the totals. D. Name & Address of Borrower: E. Name & Address of Seller: G. Property Location: F. Name & Address of Lender: H. Settlement Agent: Place of Settlement: I. Settlement Date: J. Summary of Borrower's Transaction 100. Gross Amount Due From Borrower 101. Contract sales price 102. Personal property 103. Settlement charges to borrower (line 1400) 104. 105. Adjustments for items paid by seller in advance 106. City/town taxes to 107. County taxes to 108. Assessments to 109. 110. 111. 112. K. Summary of Seller's Transaction 400. Gross Amount Due To Seller 401. Contract sales price 402. Personal property 403. 404. 405. Adjustments for items paid by seller in advance 406. City/town taxes to 407. County taxes to 408. Assessments to 409. 410. 411. 412. 120. Gross Amount Due From Borrower 200. Amounts Paid By Or In Behalf Of Borrower 201. Deposit or earnest money 202. Principal amount of new loan(s) 203. Existing loan(s) taken subject to 204. 205. 206. 207. 208. 209. Adjustments for items unpaid by seller 210. City/town taxes to 211. County taxes to 212. Assessments to 213. 214. 215. 216. 217. 218. 219. 420. Gross Amount Due To Seller 500. Reductions In Amount Due To Seller 501. Excess deposit (see instructions) 502. Settlement charges to seller (line 1400) 503. Existing loan(s) taken subject to 504. Payoff of first mortgage loan 505. Payoff of second mortgage loan 506. 507. 508. 509. Adjustments for items unpaid by seller 510. City/town taxes to 511. County taxes to 512. Assessments to 513. 514. 515. 516. 517. 518. 519. 220. 300. 301. 302. Total Paid By/For Borrower Cash At Settlement From/To Borrower Gross Amount due from borrower (line 120) Less amounts paid by/for borrower (line 220) 303. Cash From 520. 600. 601. ) 602. ( To Borrower 603. Cash Section 5 of the Real Estate Settlement Procedures Act (RESPA) requires the following: • HUD must develop a Special Information Booklet to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services; • Each lender must provide the booklet to all applicants from whom it receives or for whom it prepares a written application to borrow money to finance the purchase of residential real estate; • Lenders must prepare and distribute with the Booklet a Good Faith Estimate of the settlement costs that the borrower is likely to incur in connection with the settlement. These disclosures are manadatory. Previous editions are obsolete Total Reduction Amount Due Seller Cash At Settlement To/From Seller Gross amount due to seller (line 420) Less reductions in amt. due seller (line 520) To ( ) From Seller Section 4(a) of RESPA mandates that HUD develop and prescribe this standard form to be used at the time of loan settlement to provide full disclosure of all charges imposed upon the borrower and seller. These are third party disclosures that are designed to provide the borrower with pertinent information during the settlement process in order to be a better shopper. The Public Reporting Burden for this collection of information is estimated to average one hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number. The information requested does not lend itself to confidentiality. Page 1 of 2 form HUD-1 (3/86) ref Handbook 4305.2 L. Settlement Charges 700. Total Sales/Broker's Commission based on price $ Division of Commission (line 700) as follows: 701. $ to 702. $ to 703. Commission paid at Settlement 704. 800. Items Payable In Connection With Loan 801. Loan Origination Fee % 802. Loan Discount % 803. Appraisal Fee to 804. Credit Report to 805. Lender's Inspection Fee 806. Mortgage Insurance Application Fee to 807. Assumption Fee 808. 809. 810. 811. 900. Items Required By Lender To Be Paid In Advance 901. Interest from to @$ 902. Mortgage Insurance Premium for 903. Hazard Insurance Premium for 904. 905. 1000. Reserves Deposited With Lender 1001. Hazard insurance months@$ 1002. Mortgage insurance months@$ 1003. City property taxes months@$ 1004. County property taxes months@$ 1005. Annual assessments months@$ 1006. months@$ 1007. months@$ 1008. months@$ 1100. Title Charges 1101. Settlement or closing fee to 1102. Abstract or title search to 1103. Title examination to 1104. Title insurance binder to 1105. Document preparation to 1106. Notary fees to 1107. Attorney's fees to (includes above items numbers: 1108. Title insurance to (includes above items numbers: 1109. Lender's coverage $ 1110. Owner's coverage $ 1111. 1112. 1113. 1200. Government Recording and Transfer Charges 1201. Recording fees: Deed $ ; Mortgage $ 1202. City/county tax/stamps: Deed $ ; Mortgage $ 1203. State tax/stamps: Deed $ ; Mortgage $ 1204. 1205. 1300. Additional Settlement Charges 1301. Survey to 1302. Pest inspection to 1303. 1304. 1305. @ %= Paid From Borrowers Funds at Settlement Paid From Seller's Funds at Settlement /day months to years to years to per month per month per month per month per month per month per month per month ) ) ; Releases $ 1400. Total Settlement Charges (enter on lines 103, Section J and 502, Section K) Previous editions are obsolete Page 2 of 2 form HUD-1 (3/86) ref Handbook 4305.2 William Bronchick’s Powerful Training Library Will Show You Real-Life Formulas for Creating Wealth! VOLUME 1: FLIPPING PROPERTIES - $395.00 Are you just getting started in real estate investing? Need more cash flow? Do you want to make CASH PROFIT now? This course is for anyone who wants to learn how to make IMMEDIATE CASH PROFIT in real estate. Even if you are a rank beginner, you can learn how to make money immediately in today's real estate market by flipping properties. 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