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Click here to see a sample HUD-1 Settlement Statement


A Simple Explanation:


The settlement statement is a uniform document developed by the U.S. Department of Housing and Urban Development (HUD). It is used to summarize the financial transaction between the Buyer and the Seller. Title Professionals of Florida. utilizes this uniform settlement statement which provides you with a clear and concise accounting of all settlement charges and adjustments.

What It Consists Of:


· Since most of the specific costs related to the transaction are derived from the calculations on HUD- PAGETWO (section L) of the settlement statement, one should examine these charges first. Here, you will find seven major categories of charges:

· Sales/Broker's commission

· Items payable in connection with the loan

· Items required by lender to be paid in advance

· Reserves deposited with lender

· Title charges

· Government recording and transfer charges

· Additional settlement charges.


Each of these major categories is divided into sub-categories. The actual cost charged to you will greatly depend on what has been negotiated with the various parties involved and the requirements of the lender. The total of all settlement charges on this page are carried forward to HUD-PAGEONE.                                                                                                                                                                                        

HUD-PAGEONE  starts with information (Sections A through I) concerning the loan and parties to the settlement. Sections J and K contain a summary of all funds transferred between the Buyer(s), Seller(s), Lender(s), and providers of settlement services. The bottom line in each column shows the net cash to be paid or received by the borrower and/or seller.