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Real property

HUD-1 statement

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1. In transactions that do not include a seller—such as a refinance loan—the settlement agent may use the shortened HUD-1A form.

If you applied for a mortgage after October 3, 2015, for most types of mortgage loans you receive a form called the Closing Disclosure instead of a HUD-1.

In South Dakota, as in the rest of the United States, the HUD-1 Settlement Statement was traditionally used for real estate transactions to itemize all charges and credits to the buyer and seller. However, for most mortgage applications submitted after October 3, 2015, the Closing Disclosure form has replaced the HUD-1, in accordance with the TILA-RESPA Integrated Disclosure (TRID) rules implemented by the Consumer Financial Protection Bureau (CFPB). The Closing Disclosure provides similar information but in a more consumer-friendly format. The HUD-1 or HUD-1A forms are still used for reverse mortgages or for mortgage applications completed before the TRID rules took effect. South Dakota real estate transactions follow these federal regulations, and there are no state-specific variations to the use of the HUD-1 or Closing Disclosure forms.

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Real property

HUD-1 statement

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Real property

HUD-1 statement

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