New closing documents coming in 2013
Unless you’ve bought or sold property before, you are probably unfamiliar with the HUD-1 form that all real estate transactions use to tally up the money for both sides at the closing.
If you are familiar with the form, you understand that sometimes it is a bit confusing and there is much information missing that would be nice to have in one place. Such as rate, loan type, penalties, escrows, etc…
The government is looking to roll out a new form in 2013 and they are testing a few of them out. To get a look at the proposed forms and a good explanation of the current HUD-1 check out the government’s website “Know before you owe”