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Rainmaker
4,048,667
Richard Weeks
Dallas, TX
REALTOR®, Broker

Watch this video about 10 times and you should be good to go:

https://www.youtube.com/watch?v=rhPbmWjbYz8

Mar 05, 2019 08:22 AM
Ambassador
4,260,109
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

BS - Buyers on the left, sellers on the right.

What is paid by each party is a debit and what is gained or paid TO each party is a credit.

It's really simple accounting that you learned in high school. Don't overcomplicate it!

Mar 05, 2019 09:47 AM
Ambassador
5,415,593
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Know what you are doing or rely on a good closing person to handle this.

Mar 05, 2019 08:41 AM
Rainmaker
895,815
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

It's actually a very good idea to get to know the closing documents because I've seen escrow companies make mistakes on multiple occasions.

Mar 05, 2019 09:03 AM
Rainmaker
1,044,439
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I am familiar with the closing docs and check them prior to closing to see if anything that concerns my clients are out of place or unaccounted for but the responsibility for creating these documents falls to the mortgage processing these days. 

The best I can do as the agent for my clients is make sure everything goes smoothly throughout.

Northern Virginia Home Selling and buying expert Dave Martin Realty Group

Mar 05, 2019 08:55 AM
Rainmaker
991,765
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

In Massachusetts, the closing attorney prepares the Closing documents. It's good to know how to read the HUD. At my last closing, there was an error that a very astute buyer picked up. 

Mar 05, 2019 11:23 AM
Ambassador
3,058,517
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Watch the video Richard Weeks provided.  I always review the closing statements prepared by the escrow officer - yes, I have found errors that needed to be corrected AND that is why I get a copy of the statement before we are scheduled to sign off.

Mar 05, 2019 11:16 AM
Rainmaker
1,723,705
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Except for the test, our attorneys do all this stuff in IL. 

Never had a trick for that.

Mar 05, 2019 10:40 AM
Rainmaker
911,686
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

As an ex-banker, I have no problems with debits and credits.

The escrow company takes care of the closing paperwork including HUD forms.

Mar 05, 2019 09:15 AM
Rainmaker
5,592,923
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Daniel,

You have wonderful answers.  The key is to know every part of the contract.  A

Mar 05, 2019 09:08 AM
Rainmaker
1,387,958
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Escrow handles creating the HUDs, so we don't have to worry about it.

Mar 05, 2019 08:25 AM
Rainmaker
1,901,623
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

In my entire career I've never had to "use" debits and credits on the HUD form because I'm not a closer for a title company.

Mar 05, 2019 08:05 AM
Rainmaker
1,926,309
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Richard Weeks has  a great suggestion. 

Mar 05, 2019 12:39 PM
Rainmaker
1,738,867
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Just remember the debits take away and the credits give.  

Mar 05, 2019 09:34 AM
Rainmaker
5,571,934
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that's what the closing attorney's office prepares in our state.... agents do not deal with it...

Mar 05, 2019 09:23 AM
Rainmaker
4,123,744
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

What you add or subtract is pretty logical. UD-1 isn't used anymore except for cash purchases.

Mar 05, 2019 09:03 AM
Rainmaker
2,642,412
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I keep the number of my escrow officer handy when I have a question

Mar 05, 2019 08:38 AM
Rainmaker
508,283
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

The title will create the closing disclosure BUT we will have to review for accuracy.  Call them with any questions that you have.

Mar 05, 2019 09:58 PM
Rainmaker
6,614,661
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You have some good suggestions.

Mar 05, 2019 04:53 PM
Rainmaker
822,262
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Just think it through, it's pretty logical.

Mar 05, 2019 02:06 PM
Rainmaker
3,331,953
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The good thing is the closer, title company or closing lawyer provide the HUD. It is not a job of the Realtor. You should know how to explain a hud to your client though. 

Mar 06, 2019 05:26 AM
Rainmaker
4,216,209
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

No tricks. Practice makes perfect!

Mar 06, 2019 04:49 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Remeber this is coordinated from the lender and the title company.

Mar 05, 2019 06:39 PM
Rainmaker
1,596,606
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

You got great answers. 

Jul 06, 2019 12:58 PM
Rainmaker
4,945,401
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You got some great answers.

Mar 21, 2019 02:11 PM
Rainmaker
3,985,875
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I let the cloing company handle this

Mar 09, 2019 05:18 PM
Rainmaker
762,747
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Let the closing attorney explain it all.  ;0

Mar 06, 2019 12:56 PM
Rainmaker
4,799,501
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Lots of good suggestions here.

Mar 06, 2019 07:47 AM