What is the purpose of a HUD-1 form?

The HUD-1 form is used in real estate transactions involving properties located in the state of Florida to document and calculate the expenses related to the sale or purchase of a property. In a real estate transaction, the HUD-1 is the primary document that lists all of the costs associated with the transaction, including any taxes, fees, or other costs. The HUD-1 form is used by the real estate closing agent or lawyer to calculate settlement costs and to document the buyer and seller’s financial transactions. It details the proceeds of a sale, as well as any deposits, loans, commissions, other payments, and credits for each party involved. The form allows all parties to see the financial breakdown of the closing costs and the amount they will be paying or receiving. The purpose of the HUD-1 is to ensure that all parties involved in a real estate transaction have a clear understanding of the exchange of money and are aware of any associated costs. The form also provides an accounting of the transaction, allowing all parties to track and review the details post-closing.

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What is the purpose of a HUD-1 form?

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