(801) 373-2220
Old Republic Title Insurance Agency
445 North University Avenue, Provo, UT 84601
What is on a HUD-1 Closing Document?
Aside from the basic details of the
involved parties, consisting of the buyer and
seller, the lender, property details and
settlement agent details, unsurprisingly the
majority of the settlement statement consists of
figures. Lots of figures.
The First Page of the HUD-1
Explained
The first page of the HUD-1 lists
figures in a dual column format listing buyer
details on the left and where applicable, the
seller details on the right. Details you will
find on page one include; The gross amount due
from the buyer and to the seller. The title
compainies in Utah County typically only show
your side on the settlement statement. This is
to protect the interests of the other party
involved.
The first page of the HUD-1 also
includes the contract sales price, value of any
personal property and the total amount of the
settlement charges and fees extracted from the
final total on page 2 (line 1400). The first
page of the HUD-1 includes adjustments for items
paid in advance by the seller primarily
calculated from taxes paid. Amounts paid for by
or in behalf of the borrow, and reductions in
the amount due to the seller. Adjustments for
items unpaid by the seller and cash at
settlement due from or to the buyer and seller.
The Second Page of the HUD-1
Explained
The second page of the HUD-1 has
the fees and charges involved with the
settlement, although the various figures and
details are listed down the page, you will see
charges paid by the buyer and the charges paid
by the seller. The charges will include the real
estate commissions, fees related to the loan
from the lender, items required to be paid in
advance by the lender, title charges, any
additional charges, government recording, Utah
County fees and any deposits that were given to
the lender or other parties. The last part of
the page will show the total settlement charges
for the seller and buyer.
The Third Page of the HUD-1
Explained
The third page of the HUD-1 shows
the Showing Good Faith Estimate figures. The
Good Faith Estimate (GFE) and the details of the
loan terms as outlined by the lender. The Good
Faith Estimate figures will have been supplied
to the settlement agent by the bank upon
application of the loan, the HUD figures will be
listed side by side by the GFE figures in order
to easily spot any discrepancies or wide
variations in amounts. The loan terms include
the originating loan amount, interest rate,
interest rate details, and other payment details
that are applicable to your loan.
Remember your Realtor at Team Teasdale Realty
will be present with you at your closing. Your
Realtor will help explain your HUD documents and
review the charges with you.
