Real Estate Glossary

What is the HUD/ Closing statement?

HUD is an acronym for the Department of Housing and Urban Development, a government agency that was established in 1965. President Lyndon B. Johnson established HUD as part of an effort to combat poverty.

It is a document that lists all charges and credits owed to the buyer and seller in a real estate transaction or a mortgage refinance transaction.

It must be used for all real estate transactions that are subject to the Real Estate Settlement Procedures Act unless it is specifically exempted by federal regulations.

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