What is a HUD-1 Closing Statement?

The HUD-1 (Closing Statement) is a financial statement rendered to the buyer and seller at the time of transfer of ownership, giving an account of all funds received or expended.

It is a document the title company should provide your agent no later than twenty-four hours before closing for review. This ensures all fees charged to you as the buyer or seller are accurate and all bills are paid at closing. This statement also shows the amount needed for closing or the amount due to the seller (net profit). You should see a breakdown of all inspections, commissions paid, loan fees, taxes, and any additional costs associated with the purchase or sale, such as fees paid out of closing (i.e., appraisals).

If you have any questions about the HUD-1 Closing Statement, please leave them in the comments below. And if you’ve got questions about buying or selling a home in metro Albuquerque, be sure to contact me today!