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Closing Statement Checklist |
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HUD-1 Closer Look
As a Buyer's or Seller's representative, there are a few main items you will want to check over closely on the HUD-1
statement to help avoid errors or oversights. Working in tandem with your title professionals and mortgage lenders will lead to
providing your clients with an exceptional process - and they deserve our best.
Review the Closer Look checklist for any entries that are incomplete or incorrect; the Section number is provided for an easy
check through.
You may choose to print out the Closer Look checklist to keep handy for all your real estate transactions. (Or ask your Sales
Executive any time you need one.) |
Buyer's Checklist
PAGE 1
- Spelling of your client's name(s) (Section D)
- Property Address (Section G)
- Name of lender, if any (Section F)
- Sales Price (Line 101)
- CREDIT for earnest money and option fees (Section 200)
- Loan amount, if any (Line 202)
- CREDIT for property tax paid by Seller (Lines 210-214)
- CASH DUE AT CLOSING (Line 303)
PAGE 2
- Escrows for taxes/insurance/PMI/MIP (section 1000 - NOTE: if your client makes a substantial downpayment,
they may not be required to set up escrows for these)
- Home Warranty, if any
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Seller's Checklist
PAGE 1
- Spelling of your client's name(s) (Section E)
- Property Address (Section G)
- Sale Price (Line 401)
- Existing Loan Payoff(s), if any (Section 500)
- Property Tax paid by Seller (Lines 510-514)
- CASH DUE TO/FROM SELLER AT CLOSING (Line 603)
PAGE 2
- COMMISSION (Section 700)
- Loan charges paid by Seller, if any (Section 800)
- Repair Expenses, if any
- Home Warranty, if any
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