This is the document which provides an itemized listing of the funds that are payable at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet." Settlement charges (closing costs) are categorized on the HUD-1 into seven series sections as follows: 700 Series Line Items (Total Sales/Broker's Commission) 800 Series Line Items (Items Payable In Connection … [Read more...]