Definition of HUD-1 Settlement Statement:
HUD1 Settlement Statement:
The HUD1 settlement document is a central document to the real estate closing process as it is the official settlement document for the purchase and sale of real estate from the Department of Housing and Urban Development (HUD). An ‘estimated HUD1’ is sent out the initial GFE (Good Faith Estimate) within 3 days of the borrower’s application for a mortgage (this is on the loan side of the fence). On the real estate transactional side, the form is completed by the escrow agent handling the closing and lists all of the related costs of the transaction for both the buyer and the seller, including the purchase price of the Orange County home, the BanCorp REALTOR’s® fees, the lender, bank, mortgage banker or broker fees, the cost of the ALTA title insurance policy as well as the escrow company’s fees.