Closing Statement (HUD-1)

A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form gives a picture of the closing transaction, and provides each party with a complete list of incoming and outgoing funds. “Buyers” are referred to as “borrowers” on this form even if no loan is involved. The Closing Statement is also known as a “HUD-1” or the “settlement form”.

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