Panama City Real Estate | Panama City Beach Real Estate

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HUD-1 Settlement Statement

Advanced Payment Items

900. Items Required by Lender to Be Paid in Advance: You may be required to prepay certain items at the time of settlement, such as accrued interest, mortgage insurance premiums and hazard insurance premiums.

901. Interest: Lenders usually require borrowers to pay the interest that accrues from the date of settlement to the first monthly payment.

902. Mortgage Insurance Premium: The lender may require you to pay your first year’s mortgage insurance premium or a lump sum premium that covers the life of the loan, in advance, at the settlement.

903. Hazard Insurance Premium: Hazard insurance protects you and the lender against loss due to fire, windstorm, and natural hazards. Lenders often require the borrower to bring to the settlement a paid-up first year’s policy or to pay for the first year's premium at settlement.

904. Flood Insurance: If the lender requires flood insurance, it is usually listed here.

 

900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE    
901. Interest from to @$ /day    
902. Mortgage Insurance Premium for months to    
903. Hazard Insurance Premium for years to    
904. years to    
905.    

 

1000 - 1008. Escrow Account Deposits: These lines identify the payment of taxes and/or insurance and other items that must be made at settlement to set up an escrow account. The lender is not allowed to collect more than a certain amount. The individual item deposits may overstate the amount that can be collected. The aggregate adjustment makes the correction in the amount on line 1008. It will be zero or a negative amount.

 

1000. RESERVES DEPOSITED WITH LENDER    
1001. Hazard Insurance months @ $ per month    
1002. Mortgage insurance months @ $ per month    
1003. City property taxes months @ $ per month    
1004. County property taxes months @ $ per month    
1005. Annual assessments months @ $ per month    
1006. months @ $ per month    
1007. months @ $ per month    
1008. Aggregate Adjustment    

 

1100. Title Charges: Title charges may cover a variety of services performed by title companies and others. Your particular settlement may not include all of the items below or may include others not listed.

1101. Settlement or Closing Fee: This fee is paid to the settlement agent or escrow holder. Responsibility for payment of this fee should be negotiated between the seller and the buyer.

1102-1104. Abstract of Title Search, Title Examination, Title Insurance Binder: The charges on these lines cover the costs of the title search and examination.

1105. Document Preparation: This is a separate fee that some lenders or title companies charge to cover their costs of preparation of final legal papers, such as a mortgage, deed of trust, note or deed.

1106. Notary Fee: This fee is charged for the cost of having a person who is licensed as a notary public swear to the fact that the persons named in the documents did, in fact, sign them.

1107. Attorney's Fees: You may be required to pay for legal services provided to the lender, such as an examination of the title binder. Occasionally, the seller will agree in the agreement of sale to pay part of this fee. The cost of your attorney and/or the seller’s attorney may also appear here. If an attorney's involvement is required by the lender, the fee will appear on this part of the form, or on lines 1111, 1112 or 1113.

1108. Title Insurance: The total cost of owner's and lender's title insurance is shown here.

1109. Lender's Title Insurance: The cost of the lender’s policy is shown here.

1110. Owner's (Buyer’s) Title Insurance: The cost of the owner's policy is shown here.

 

1100. TITLE CHARGES    
1101. Settlement or closing fee to    
1102. Abstract or title search to    
1103. Title examination to    
1104. Title insurance binder to    
1105. Document preparation to    
1106. Notary fees to    
1107. Attorney’s fees to    
(includes above items numbers; )    
1108. Title Insurance to    
(includes above items numbers; )    
1109. Lender’s coverage $    
1110. Owner’s coverage $    
1111.    
1112.    
1113.    

 

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Panama City Home Sales

Panama City Beach Realty Group
Counts Real Estate Group, Inc.
3009 Highway 77, Suite H
Panama City, Florida 32405
Direct: 850.774.6582
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