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Settlement Statement (HUD-1)
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Settlement Statement (HUD-1)
A HUD-1 settlement statement is a form used in real estate transactions to itemize all charges imposed on buyers and sellers. It includes details about the loan amount, interest rates, and closing costs. This document is required for most real estate transactions involving federally insured loans.
Why Use a Remote Online Notary
Notarizing a settlement statement ensures that both the buyer and seller understand the financial details of the transaction. It verifies the identities of the parties involved, reducing the risk of disputes over the closing costs or loan terms. Notarization adds legal validity to the document, ensuring it can be relied upon in case of discrepancies. It also helps prevent fraudulent transactions by confirming that the statement was signed voluntarily.