HUD-1: The Settlement Statement
The HUD-1, also known as the settlement statement, is a form from the U.S. Department of Housing and Urban Development (HUD). This form itemizes all charges to be paid/paid by the borrower and all charges to be paid/paid by the seller in connection with the settlement of your real estate transaction. One business day before the settlement, you have the right to inspect your HUD-1 Settlement Statement to see if there are any errors. In all my years of real estate, I have never seen one that was perfect the first go round. Be sure you have both your real estate agent and mortgage professional look over your HUD to catch any potential mistakes.
The HUD-1 is filled out by the settlement agent who will conduct the real estate closing. The fully completed HUD-1 Settlement Statement generally must be delivered or mailed to you before the settlement. In cases where there is no settlement meeting, the escrow agent will mail you the HUD-1 after settlement, and you have no right to inspect it one day before settlement.
