My lender sent me my HUD 1 settlement statement document last week. I really should have examined this thing much more closely, but I kind of prefer the blind ignorance strategy. OK, you got me. That's not really a strategy.
According to about.com, the HUD-1 is a form used by the settlement agent (also called the closing agent) to itemize all charges imposed upon a borrower and seller for a real estate transaction. It gives each party a complete list of their incoming and outgoing funds.
In case you want to see what the form looks like, here it is on the website of the U.S. Department of Housing and Urban Development. Both my agent and lender referred to it a few times and waved it away, saying that I'll see it later. True, I couldn't see the the final document until after:
- I'd gotten all my paperwork in (bank statements, evidence of gift transfers) to get my stuff into underwriting (the lender's company making sure I'm legit), and
- After the lawyer took the hack at it. I'm still not sure what the lawyer did, but this HUD 1 thing came out of it,
- which would all take about one week, at the quickest.
BUT I still would've liked to have seen what the form looked like early on, even if blank, just to get that question mark out of the air. I didn't even know to ask for it, but since I know about it now, here it is. Take a gander for your own amusement.
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