Your HUD-1 or Settlement Statement from your Escrow Company
by Bruce Wagg
on Tuesday, January 6th, 2009 at 12:42pm.
It's that time of year again, Tax time! One of the first things I do for the new year is send my clients a copy of their Settlement Statement (or HUD-1) . If you bought or sold a home last year it is time to get all your paperwork together and send it to your tax preparer (or just do it yourself!) The HUD-1 sheet is a breakdown of all the costs incurred in your recent home sale /purchase. The Real Estate Settlement Procedures Act (RESPA) requires that the
form be issued in all real estate transactions in the United States
which involve federally related mortgage loans. I always give my clients a CD copy of all the disclosures and Escrow paperwork but sometimes a hard copy in the mail saves a lot of frustration and time. Trust me, whoever does your taxes will need this paperwork, so the faster you can find it the more time you will have for tracking down other receipts and forms.