Escrow Thursday: The HUD-1 Explained, continued

The HUD-1 Explained

Section 1100 – Title charges includes title examination, title search, document preparation, title insurance fees, and closing agent and notary fees.

Line 1101: Settlement agent fees.

Line 1102 and 1103: Abstract or title search and exam fees.

Line 1104: Title insurance binder charges (also called c0mmitment to insure).

Line 1105: Deed preparation fees.

Line 1106: Notary public’s fee.

Line 1107: Attorney’s fees.

Line 1108: Total title insurance charge less the cost of the binder.

Lines 1109 and 1110: Informational lines that disclose the costs for the separate title insurance policies for borrower and lender.

Lines 1111-1113: Any other title related charges.

Section 1200 – Government recording and transfer charges.

Sections 1300 and 1400 – Additional settlement charges and totals.

Section 1300 – Survey and inspection fees

Line 1400: Total settlement charges paid from borrower’s and seller’s funds.

To be continued…

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