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What is the HUD-1 form and how do I read it?

The HUD-1 document is used at closing to account for all the monies in the real estate transaction between the buyer and the seller and any other party.The title company uses this form to itemize all charges imposed on a borrower and seller in a real estate transaction.

The Real Estate Settlement Procedures Act (RESPA) requires the HUD-1 form be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.

When do I get it?

RESPA states borrowers should be given a copy of the HUD-1 at least one day prior to closing, although changes may still be happening a few hours before closing. Most buyers will have their REALTOR® look over the form prior to closing, and also can use this to get a solid number on how much their cashiers check should be for.

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