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CHAPTER 10

ESCROW AND CLOSING

Getting Both Sides in Balance

Anyone who has experienced a closing procedure knows that it involves numerous forms and seemingly endless calculations. So many legal requirements, filings, and disclosures are involved that a closing is invariably complex and time consuming.

The U.S. Department of Housing and Urban Development (HUD) is associated with many housing programs. This federal agency has also developed standardized forms used in most areas for closing procedures. The HUD-1 Settlement Statement is used by escrow companies, attorneys, and lenders to summarize closing transactions and to serve as a cover sheet ...

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