HUD-1 Form
A form used by a settlement, or closing, agent itemizing all charges imposed on a borrower and seller in a real-estate transaction. It gives a picture of the closing transaction, providing each party with a complete list of their incoming and outgoing funds. "Buyers" are referred to as "borrowers" on this form even if no loan involved. The HUD-1 is also known as a "closing sheet" or "settlement form".
Investopedia Commentary
The Real Estate Settlement Procedures Act (RESPA) requires the form be used as the standard real-estate settlement form in all transactions in the U.S. involving federally related mortgage loans. RESPA states you should be given a copy of the HUD-1 at least one day prior to settlement though entries may still be coming in a few hours before closing. Most buyers and sellers study the form on their own, with their real-estate agent, as well as the settlement agent. The more people who review it, the greater the likelihood of detecting any errors.
Related Links
To Rent or Buy? The Financial Issues - Part 1
To Rent or Buy? There's More To It Than Money - Part 2
Understanding Your Mortgage
See also: Closing, Loan, Mortgage, Mortgage Broker, Private Mortgage Insurance - PMI, Real-Estate Agent