Legal Forms
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Information About Using The Housing and Urban Development Forms Before Selling a House by Leo Kingston
Whenever anyone asks about selling a house I give simple answers as much as possible because pretty much any subject might have an answer as long as a book! The first time I bought a house, when I was learning how to remodel and how to sell my house, I soon learned about a form that lists exactly how much money all parties will pay and receive at closing. It’s called the HUD-1 form and it’s basically a list of every expense item that is part of each sale transaction.
Full disclosure has been required for certain transactions by Federal legislation since the 1970s when the HUD-1 was developed and it has been recently updated in 2010, but as a matter of good business practice most lenders and brokers provide it to sellers and buyers at least one day prior to closing any transaction.
Legal forms are not a terribly interesting subject, but the HUD-1 statement is one of those important legal forms you want to pay attention to because it contains crucial information. Unless you’re familiar with HUD-1 forms, until you’ve seen a few and actually understand them, it may not seem very interesting. But honestly, it is the best, most concise accounting revealing precisely how much money a buyer will pay for the house and also for the closing costs, and also how much the seller and others will be paid at the time of closing.
You have to admit, that information can be very interesting!
I’ve looked at HUD-1 statements prior to closing many hundreds of times over the years, but every time I make a point to read every one as though it’s the first one I’ve ever seen. Any title company, lender or broker will tell you that it’s really important to review the HUD-1 form on Your Own behalf because mistakes are not uncommon.
You simply cannot get lazy and just scan the document because the people who prepare the document make errors occasionally. HUD-1 details are incredibly important to the seller, the buyer, the mortgage broker and the Real Estate broker, so that all parties should be sure that they completely understand the consequences of the statement before closing. The buyer and seller may sign the HUD-1 form to acknowledge that they accept it, but signatures are not always required.
I’m not exaggerating when I say that I have found errors in the preliminary HUD-1 form at least half the time when buying or selling houses. That may surprise you because it’s such a high percentage, but much of the data on the form requires daily calculations that may change if a closing date changes, so that means the HUD-1 numbers must change as well. ______________________________________________________________________________________________________
About the Author
Contact Leo Kingston in Oklahoma City if you need to sell a home quickly for cash and with no fees or closing costs.
legal forms
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