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Written by Administrator
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Sunday, 02 May 2010 21:55 |
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The HUD-1 is the standard "settlement statement" used in connection with real estate transactions. Federal law requires the HUD-1 to be used as the real estate settlement form in all transactions in the U.S. involving federally related mortgage loans. The form itemizes all charges imposed on a borrower and seller in connection with the transaction, adjusts between them any pre-paid, unpaid or agreed items, and provides each party with a detailed picture of what happens with their incoming and outgoing funds. Borrowers should be given a copy of the HUD-1 at least one day prior to settlement, although entries may still be coming in right up until the closing. Masters Title provides a current copy of the HUD-1 (HUD-1A for most refinance transactions) on our document tracking system. This system enables borrowers/buyers and sellers to study the form with their agents and advisors in advance of closing.
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