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Tag Archives: hud 1 statement
We often talk about how Easy HUD makes it easy for real estate agents to speed up closing times by up to 70%, as well as ensuring calculations are performed correctly. However Easy HUD isn’t just for agents. It’s the ideal real estate closing software for attorneys as well.
Real estate attorneys are often included in real estate transactions to generate documents such as rental agreements or purchase contracts. Agents can fill out boilerplate versions of these contracts but if the base document requires modification, then a lawyer must make the changes to ensure the new document is still legal and binding. Add the Real Estate Docs Module to our title closing software to get access to over 200 customizable real estate documents including agreements and contract clauses. Attorneys can easily add to these, creating their own contracts for easy distribution to the agents they work with.
Attorneys are often involved in the purchase negotiations. Buying property is not as simple as writing a check. A host of fees and taxes turn a simple transaction into an accounting nightmare, and yet to effectively negotiate a deal the attorney needs to be able to calculate how a given deal will affect the bottom line. With HUD settlement statement software attorneys can generate a comprehensive new offer within seconds, and if they use the cloud version they can access the software from anywhere they have an internet connection.
Attorneys provide due diligence by reviewing a final deal to be sure it is fair and legal. The HUD 1 statement is complex and even experienced real estate agents can make errors. Software simplifies the process and allows attorneys to make changes effortlessly. If the agent is also using Easy HUD then the attorney can simply load the agent’s data file for immediate review.
Easy HUD works well with our other products. For example attorneys can export the ledger from the real estate software and import it into Easy Trust to oversee all escrow account transactions. Add Easy HUD to your suite of legal practice management software to automate and simplify your real estate practice.
When you squander your time, you increase operating costs and devastate your profits. Real estate deals are handled on a flat fee basis so the best way to maximize your profit is to reduce the amount of time it takes to produce your HUD-1 settlement statement. Easy HUD can reduce your closing time by up to 70% but only if you take advantage of every feature. Here are five ways you get the most from the Easy HUD suite of utilities.
1) Figuring The NETs – Don’t forget to check the NET flag on charges that are lender deducted or disbursed. Click on the “Tools” menu and then “Lender Worksheet” to see the gross mortgage amount and a list of itemized deductions. This feature is already included in our title closing software.
2) Fast And Accurate Documents – Real estate paperwork isn’t just about the HUD 1 statement. Add the Real Estate Documents module and gain access to hundreds of customizable forms including letters, contracts and checklists. The software uses the information you’ve already entered for the HUD form to complete the paperwork so you know any document you produce will be accurate.
3) Accountant In A Box – Handle all the financial transactions yourself by adding the Ledger module. Balance the account, print checks and produce a closing ledger without the need for an outside accountant. The software works with our Easy Trust escrow software to help you manage accounts easily.
4) Trustworthy Trust Accounts – Speaking of Easy Trust, are you on top of all of your firm’s trust account actions? Mismanaging trusts is one of the leading causes of attorney disbarment and real estate agent license revocation. Trust administration doesn’t have to be hard if you purchase Easy Trust for effortless escrow transaction management.
5) Easy Tax Forms – File your 1099-S forms electronically with the click of a mouse by enrolling in our free filing service. Not only can you be certain the forms are accurate, but the IRS actually prefers electronic forms over paper submissions. Each filing costs you only a nominal $10 fee and you get immediate confirmation the form was received.
Try any of our law firm management software products free for 30 days and if you don’t see an immediate improvement in your office’s efficiency and profitability, we will gladly offer a refund.
It’s no secret that real estate sales involve a lot of paperwork. After completing the HUD-1 settlement statement agents still need to file 1099-S form with the IRS. Although you can send in paper forms the IRS is encouraging filers to submit the documents electronically. There are several reasons why electronic 1099-S filling is the better choice for real estate professionals because it is:
1) Easy – Easy HUD not only helps you complete the HUD closing statement but also handles 1099-S e-filing. The software automatically takes all the information you’ve already entered and completes the form for you.
2) Fast – File your 1099-S form with the click of a button. The file is transmitted securely to the IRS and you receive an immediate confirmation number so you know the document was received.
3) Accurate – When you copy information from the HUD 1 statement to a paper 1099-S you run the risk of making errors that will cause the IRS to reject the form and force you to re-file. You have better things to do with your day than submit multiple tax forms so make sure it’s right the first time.
4) Green – Save a tree by not using paper forms. E-filing has virtually zero environmental impact.
5) Affordable – Enrollment in our 1099-S e-filing program is free. You pay only a small flat fee for each filing with no hidden costs.
6) Timely – You can file 1099-S forms as you complete transactions over the course of the year. Real estate offices that use paper forms tend to put them off, and find themselves struggling to get all the submissions in before the annual deadline.
7) Mobile – The cloud version of our legal practice software can be used anywhere you have an internet connection. You don’t have to wait to get back to the office to file. You can transmit the forms from anywhere.
8) Safe – Electronically-filed 1099-S forms are as safe as or even safer than forms sent through the mail.
Contact Easy Soft to find out more about how our HUD settlement statement software and 1099-S electronic filing service saves your office time, protects you from errors and helps you stay on top of IRS filing requirements.
Assuming the first two parts in these series haven’t put you to sleep, today we are going to look at page 2 of the HUD settlement statement. Page 2 is also known as Section L, Settlement Charges.
Section 700 covers the real estate broker fees. Here the total commission is calculated based on the selling price of the house. The commission can be split between the multiple agents or brokers. These funds usually come from the seller and this amount is often the single largest seller cost listed on the HUD settlement statement form.
Section 800 details the loan fees. These fees include origination charges, points, as well as fees for associated services like the home appraisal and the cost of pulling the borrower’s credit report. Note that brokers can enter negative numbers in line 802, the adjustment for the interest rate chosen, if the adjustment is a credit.
Section 900 lists advance payments required by the lender. Common entries in this part of the HUD 1 statement are the prorated interest that must be paid during a refinance and premiums for mortgage insurance required when borrowers don’t make sufficiently large down payments.
Section 1000 contains the reserves deposited with the lender to be held in escrow and cover costs such as homeowner’s insurance or the first few months of property taxes. The final line is the adjustment between the single-line amounts and the amount due according to aggregate accounting rules laid in RESPA rules.
Section 1100 is the part of the HUD-1 form where you’ll find charges incurred by the title company and any professionals such as notaries or attorneys. If one entity provides several listed services for a single charge then the aggregate fee can be entered on line 1107 or 1108. Include the line items of the other fees included and the amount won’t have to be broken down onto individual lines.
Section 1200 lists city, county and state recording and transfer charges. Agents who work in multiple jurisdictions must be careful to use the correct tax tables for the sale. Tables can vary by county, city, type of sale or other factors. Most agents use HUD settlement statement software to ensure they enter the figures correctly.
Section 1300 is where you find miscellaneous settlement charges that don’t fit under other categories and finally Section 1400 sums up all these values to show the total charges attributed to the borrower and the seller.
That concludes our trip through the HUD settlement form. It’s a complicated and meticulous document and there is no reason to complete it by hand with inexpensive software readily available. Contact Easy Soft to find out more about Easy HUD and our other legal practice management software.