Is HUD-1 form required in cash sale? – Chicago Tribune – The HUD-1 must be used in any transaction where a federally regulated mortgage (deed of trust) is involved. In your case, because you are selling for cash, you don’t need to use that form.
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
For a cash transaction a HUD-1 form is not required by federal law, to my knowledge, but it sure is nice. A few years ago I hired an attorney who didn’t use a HUD-1 form. When I bought a property all-cash, he wrote the data out on blank paper as a letter.
The hud-1 settlement statement is still used today, for reverse mortgages. These types of mortgages are very popular with sellers over the age of 62 who want to pull out equity. Also, during the three- to 10-year period following a short sale prior to 2015, lenders often ask for a copy of the old HUD-1 to prove the date the property closed.
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As mentioned by my colleagues, a HUD-1 is generated for every closing to list out the charges for Buyer and Seller. Have your real estate attorney review it carefully before going to closing. Frequently, closers that may not be used to cash closings include fees that are inappropriate (endorsements, for example) for a cash sale.
Recently had a client close and the title company (at first, they later provided a HUD-1 statement also) was using a "master settlement statement". They stated that in a cash sale it was not necessary to use a HUD-1. Neither myself (5 years as a REALTOR) nor the listing agent (14 years as a REALTOR, currently a principle broker) had ever seen one of these "master settlement statements".