After Congress enacted the Real Estate Settlement Procedures Act (RESPA) several years ago, the Department of Housing and Urban Development (HUD) promulgated a uniform settlement statement. It is now commonly referred to as the HUD-1 Settlement Statement.
The HUD Settlement Statement can be very confusing. Contact a Real Estate Lawyer to review the HUD Settlement Statement for you.
This document contains the financial picture relating to the sale and the purchase of the property. It lists the lender’s charges, the title company’s fees, and the governmental recording fees. The statement should be reviewed very carefully, item by item. Futhermore, You should also keep this document for as long as you own the property. It can be useful for income tax purposes next year when you file your income tax return, or if you decide to sell the house.
Here is a list of the items on the HUD-1 Settlement Statement:
- Loan Origination Fee
- Discount Points
- Pre-Paid Interest
- Escrow Reserves
- Title Insurance
- Government Taxes
Items on the statement, such as recording and transfer taxes, can be used to reduce any profit you have made when you sell. Always seek the advice of a Real Estate Lawyer.
The HUD Settlement Statement can be very confusing. Contact a Real Estate Lawyer to review the HUD Settlement Statement for you.
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