EKKO CHAMBER

April 1, 2014

What is HUD-1 or Settlement Statement?'

 

The HUD-1 is a form used by the escrow agent to itemize all charges the buyer and the seller must pay for the real estate transaction. It gives each of you a complete list of your incoming and outgoing funds.

 

The HUD-1 form:

■ Is a written accounting of the escrow transaction

■ Is prepared at the close of escrow

■ Includes all charges and credits to your escrow account

■ Reflects the:

   ◗ Purchase price◗ Funds deposited or credited to your account

   ◗ Payoffs on existing encumbrances or liens

   ◗ Charges for all services

   ◗ Net proceeds (a final determination of the amount you are entitled to receive at the close of the escrow)    ◗ Required funds you must bring in to close the transaction

 

Be sure to review the closing or settlement statement carefully. It is the final statement of the finances of your transaction. If you do not understand something on it, be sure to ask the escrow agent to explain it.

 

WWW.EKKOTITLE.COM

4545 Daisy Reid Avenue, Suite 100

Prince William, Virginia 22192

703-497-EKKO (3556)

LakeRidge@EkkoTitle.com

Please reload

Featured Posts

EKKO CHAMBER

April 8, 2014

1/2
Please reload

Recent Posts

April 22, 2014

April 15, 2014

April 8, 2014

Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
  • facebook
  • Twitter Round
  • googleplus

Selling Virginia / T 703-583-4148 / 11695 Colvin Lane, Nokesville, VA 20181 

Selling Virginia Real Estate & Property Management