HUD-1 Settlement Statement
The HUD-1 Settlement Statement is a standardized closing form itemizing all charges and credits to buyer and seller. Created under RESPA, it remains in use for cash, commercial, and reverse mortgage transactions in Florida.
Contents
- Loan and property information
- Borrower's transaction summary (price, adjustments, total due)
- Seller's transaction summary (price, payoffs, net proceeds)
- Itemized settlement charges for both parties
- Commission, loan, title, recording, and additional charges
Current Use in Florida
- All-cash purchases (no mortgage)
- Commercial real estate transactions
- Reverse mortgages (HECMs)
- Seller-side settlement statements
- TRID-exempt transactions
Related Terms
Barnes Walker Title Services
Barnes Walker Title prepares HUD-1 statements for Florida real estate closings. Submit a title inquiry for assistance.
Florida Law Reference
12 U.S.C. § 2601 et seq. (RESPA); Fla. Stat. § 627.7711
Real estate closings in Florida are governed by federal RESPA requirements and state title insurance regulations. Florida is a "title state" where closings are typically handled by title companies or attorneys.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC