The HUD-1 Form, also known as the Uniform Settlement Statement, is used to itemize all charges imposed upon a borrower and seller for a real estate transaction, keeping them informed during the closing process.
The Uniform Settlement Statement, otherwise known as the HUD-1 Form, is mandated by the Real Estate Settlement Procedures Act (RESPA) for federally related mortgages. This document contains crucial details about the closing, outlining all charges and funds involved in a real estate transaction.
