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(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.

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