Real Estate: The New HUD1 and HUD1A

Posted By Cliff Tuttle | January 10, 2009

Posted by Cliff Tuttle

If you haven’t seen the new HUD1 settlement statement or HUD1A settlement statement, click here and here.

HUD’s big idea was to force whoever prepares the settlement sheet to spell out the charges set forth in the Good Faith Estimate and make a side by side comparison with actual charges. The primary effect of this change is to create more work for whoever must prepare the settlement sheet. The claim that it will save $700 in settlement costs is so much baloney.

A year is given before use is mandatory. Look for no one to use the new documents until January 2010 — assuming an extension is not granted. More about this subject later.

CLT

Welcome

CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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