Posted by dealmaker on January 31, 2006 at 07:37:22:
I’m not sure if required by law for private deals, but they are considered the VERIFIABLE DOCUMENT of all costs for tax purposes. I worked one up in Excel about 10 years ago and just update it for each place I sell, just like my other documents.
dealmaker
HUD 1 - Posted by WahoowaInvestor
Posted by WahoowaInvestor on January 30, 2006 at 22:56:06:
While HUD-1 statements are generally a normal part of a real estate transaction are they necessarily a requirement for a private cash transaction?
Nope. Just deed - Posted by John Merchant
Posted by John Merchant on January 31, 2006 at 10:17:37:
While this would be a state by state requirement or not, in my state of WA, it would not be required.
I’d simply meet the seller at my notary’s, hand him the Deed to sign and have notarized, then give him my cash funds. Period.
Re: HUD 1 - Posted by River City
Posted by River City on January 31, 2006 at 08:45:22:
The use of a HUD-1 is not required by federal law, however, your state may have a particular requirement. Lenders use the HUD-1 because it makes it uniform and saves time if everyone uses the same form. Many cash transactions just have the sheet of paper that lists the parties (including realtors, sellers, purchasers, and attorneys) and the costs associated with the transaction.
The HUD-1 is broken out and is easy to read.