David Saks: Real Estate Practice : Lesson 3515

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3515

hud1

The Uniform Settlement Statement - HUD-1 Form.

What does it mean ?

RESPA, the Real Estate Settlement Procedures Act, requires that a special HUD form be completed.

This form itemizes all of the charges to be paid by a borrower and a seller at the settlement. All of the charges that are collected at the closing table required of the lender or any other party to the transaction are indicated on the HUD-1.

Any items outside of closing paid by the borrower and the seller not required by the lender won't be included in the HUD-1. When you pay for something required by the lender outside of closing it is referred to as "POC" or 'paid outside of closing'.

We know that RESPA prohibits lenders from requiring borrowers to deposit amounts in escrow accounts for taxes and insurance that exceed definite or specified limits so that the lenders can't take advantage of borrowers. We also know that sellers are not allowed to require a buyer to purchase title insurance from a particular company as a contingency of the sale.

What problems have you encountered with the HUD-1 ?

Have you ever had a situation where a lender or seller required you to use any particular company as a contingency of the sale ?




David Saks



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Comment balloon 2 commentsDavid Saks • July 14 2014 10:28PM

Comments

Here is where I always check that the small details got captured right. For example the right person is paying for home warranty,  especially ifdifferent than norm. 

Posted by Tammy Adams ~ Realtor / Podcaster, A Maricopa Agent who Works, Lives & Loves Maricopa (Maricopa Real Estate Co) over 5 years ago

Sounds great, Tammy. Thanks for reviewing the post.

Posted by David Saks ((retired)) over 5 years ago

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