Settlement Statement (HUD-1)

A Settlement Statement (HUD-1) is a detailed document that outlines all the costs and charges associated with a real estate transaction, typically for a mortgage loan. It itemizes expenses like property price, loan fees, taxes, insurance, and closing costs, showing how much money the buyer and seller owe or will receive. Its purpose is to provide transparency and ensure both parties understand the financial details of the closing process. The HUD-1 is usually prepared by the closing agent and given to the buyer and seller at the closing meeting.