REAL ESTATE GLOSSARY

HUD-1

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Sunday, December 9, 2007

¿ A document frequently referred to as a "closing statement" or "settlement sheet."

¿ A form that itemizes all the amounts paid by the buyer and the seller of a residential property, including commissions, loan fees, points, transfer taxes and escrow charges for property taxes and insurance. It may also list certain expenses paid outside of closing, such as for a termite inspection or appraisal.

¿ A document that is filled out by the closing agent and must be signed by both buyers and sellers. "Oftentimes buyers don't even see the document until they are supposed to sign it," said Jon Boyd, president of the National Association of Exclusive Buyer Agents.

¿ A standardized form created by the Department of Housing and Urban Development.


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