Uniform Settlement Statement (HUD-1)

The Uniform Settlement Statement, commonly known as HUD-1, is a standard document used in real estate transactions in the United States. It outlines all the financial details of a property sale, including the purchase price, closing costs, financing fees, and adjustments for taxes or utilities. This statement ensures that both buyers and sellers have a transparent view of how much money is changing hands and what each cost entails. While the HUD-1 was primarily used for certain types of transactions, newer forms like the Closing Disclosure have largely replaced it in many cases.