Tag Archives: hud settlement statement form
Easy HUD automates real estate practices to allow agents and other professionals to focus on sales rather than paperwork. Although you may think the software is meant to only simplify the process of completing the HUD settlement statement form, the optional Real Estate Documents module lets you also produce hundreds of other documents too.
HUD 1 closing documents are not fun to fill out. They are long and tedious and can put even your average accountant to sleep. We automate the process so you have to enter only key information and let the software do the work of putting the right numbers in the right places, making sure everything adds up correctly, and producing a complete, accurate and professional-looking form.
Not to sound like a late night infomercial but wait! There’s more! The Real Estate Documents module turns this HUD settlement statement software into the comprehensive document production tool every real estate office needs.
Do you handle clients looking to rent properties? Quickly print off commercial and residential leases, rental agreements, subleases and personal guaranties. Do you focus on commercial clients? It includes documents for corporate sales and transfers.
Even if you handle just general home sales, purchases and refinances you know that HUD forms aren’t the only documents you produce. Easily generate letters about closing dates, surveyor payments, second mortgage payoffs and more. All documents pull client information from the same database as the HUD forms so you don’t have to worry about embarrassing mistakes like spelling a client’s name differently on each document.
A lot of modern real estate correspondence is digital and we’ve got you covered there as well. Any of our real estate documents can be saved as PDF or RTF files for easy transmission to clients, government offices or other recipients. If you use the cloud version of the software, you can generate documents from any location and any computer, emailing the electronic version immediately or waiting to print it out when you get back to the office.
Document generation is just one of the features included in Easy HUD. Find out more about our real estate application or any of our legal practice management software products by downloading a free demo today.
People new to the real estate industry are often surprised to discover that the sale or purchase of property is only one small part of the overall job. There is a tremendous amount of administrative support required for each transaction, none as important as trust fund accounting.
When you receive money to be disbursed to other parties such as another real estate agent, the government or a home inspection agency, you need to be certain that every penny listed on the HUD settlement statement form ends up where it needs to go. And when we say “every penny” we mean that literally. If you misplace even a cent out of hundreds of thousands of dollars then you could be subject to serious penalties.
You may think that it’s not that complicated. You simply look at the amounts list on HUD forms and pay accordingly, right? That might be true if you are handling one client, but any successful real estate professional has multiple deal in the works at one time. Agencies that employ multiple agents might process dozens of sales in a day. All of that money is being funneled through a single trust account, and if the money from Mr. Smith ends up paying expenses for Mr. Jones then you have a problem.
HUD settlement statement software helps you keep track of all the various charges associated with a given transaction including taxes, fees and commissions. It simplifies the process of completing this long and complicated form and takes care of everything from spellchecking to arithmetic. Unfortunately it doesn’t track your trust transactions.
That is unless you use HUD software that integrates with trust software. That’s why our products Easy HUD and Easy Trust are designed to work together. Export your ledger from Easy HUD for quick import into Easy Trust and you can effortlessly track all your trust transactions. You can view each client’s balance and transactions within your trust account separately, ensuring that all the money is accounted for and all the necessary fees are paid.
This kind of integration is the kind of attention to detail you can expect from Easy Soft legal practice management software. Visit our website to find out more about how our software simplifies your real estate or legal practice, leaving you more time to service clients.
Most people don’t go into real estate because they love filling out government forms and adding up long columns of figures. However it’s important not just to complete the HUD settlement statement form but to understand it. When you fully comprehend the figures before you, you can get the best deal for your client and the best commission for yourself.
Handling the HUD closing statement is a lot easier today than it was a few years ago. User-friendly real estate software like Easy HUD handles the calculations, freeing the agent to focus on closing the deal. Users can feel confident the final numbers are correct without the errors common in manual calculations. Even the most math-phobic professional can handle plugging a few numbers into a form and letting the computer do the work.
However Easy Soft’s HUD settlement statement software is more than just a glorified calculator. Regular updates ensure the software is always in compliance with current RESPA regulations, state and county tax tables, as well as taking advantage of the latest computer technologies.
Software allows agents to complete the settlement statement more quickly. You need to be out there making the sale and finding more clients, not slaving over stacks of forms. Easy HUD handles the forms, handles the math and handles the rules so you don’t have to. Stop playing bookkeeper and do what you got into the industry to do: help people achieve the dream of home ownership.
Our latest generation of legal practice management software is available in cloud versions that simplify the process even further. Real estate is a mobile profession and the most successful professionals need to be able to complete forms on the fly. Access all of your client information easily and securely anywhere you can get an internet connection, even from your iPad or other tablet computer.
Don’t let your fear of numbers slow you down or limit your potential. Download a demo of the desktop version of Easy HUD to see how simple it is to complete government forms, letters and other documents. The cloud version is just as straightforward and fully-featured, plus can be accessed more flexibly. Stop living in the past and automate your office with Easy HUD.
Cloud is the hot buzzword for computer software lately. Cloud-based software gives users more flexibility by not tying them to specific computers, operating systems or locations. The cloud version of Easy HUD, Easy Soft’s HUD settlement statement software, allows real estate agents and attorneys to access a client’s information and complete the HUD statement from anywhere. However what do you do when the document is finished?
If you are using the desktop-based real estate closing software, of course, you just hit Print and your printer churns out as many copies of the form as you need. You can still do that in the cloud version if you are at your office at the time. And yet the whole point of the cloud version is mobility, so what are your options in the field?
One choice is a portable printer. There are a number of fine printers that communicate with your laptop or table wireless or through Bluetooth. These devices are built to be small and convenient and yet provide high quality documents.
Some public Wi-Fi hotspots offer users printing capabilities, though there may be a charge associated with it. You probably won’t find a printer in a coffee shop but you might find one at your local library. It might be more convenient to print HUD forms at these satellite locations rather than go back to your office.
Finally you always can simply not print the form. Easy HUD allows forms to be “printed” as electronic documents. Save the finished HUD settlement statement form as a PDF or RTF document. You can email that document to a client for their review, or the recipient can print it to be signed. You can even email the document from Easy HUD directly. The software will save it as a PDF and send it to the desired recipient as long as you have provided your email account details.
All of Easy Soft’s cloud-based law practice management software products offer these flexible printing options. Contact us to find out more about how cloud-based software automates your business while freeing you from being chained to your desk.
Real estate deals can move fast and agents need to be able to react just as quickly. A buyer who’s found a dream home wants to move in as soon as possible. The seller wants the deal to be over with to be able to focus on a new home. The biggest obstacle to a rapid transaction is completing the HUD settlement statement form. Software helps, but does it help enough?
Real estate closing software helps real estate agents close deals in a fraction of the time it used to take. Agents can complete closing forms quickly and accurately with no chance of a simple arithmetic error holding up the deal. The software can generate documents such as contracts and affidavits without the agent needing to enter the information more than once. The computerized real estate office has an enormous competitive advantage over offices still completing stacks of paperwork by hand.
Agents don’t just want to be able to complete HUD forms quickly. They want to be able to enter the information from anywhere. Laptops were an enormous boon to the real estate industry, allowing agents to do the paperwork in a buyer’s or seller’s home where the client felt more comfortable. The flexibility allowed agents to close deals more quickly.
Of course today laptops are bulky and archaic compared to tablets. Wouldn’t it be great if an agent could carry all the forms and software needed to close a deal on a tablet? Well you can as long as that tablet has access to cloud-based HUD settlement statement software like Easy HUD.
Agents using cloud software can access client files from anywhere with an internet connection. They can use Windows computers, Macs, and yes even tablets. It’s easy to interview clients, get the information needed and enter it right on the tablet without the client needing to come into the office. The forms can be printed or can be sent as PDF or RTF files.
Like all of Easy Soft’s cloud-based law practice management software, Easy HUD is easily accessible and yet also protected against unauthorized intrusion. Your client information is protected against digital threats such as viruses and hackers, and is automatically backed up for an extra layer of security.
Find out more about how Easy HUD helps you close real estate deals more quickly by downloading a demo or contacting Easy Soft at 800-905-763 for more information.
Nobody likes the enormous stack of paperwork that goes along with a real estate transaction. Wouldn’t it be great if you could avoid filling out a document and save money on top if it? Well in some cases you can. Part of the HUD 1 closing process is IRS form 1099-S, but not every sale needs to be reported. According to the IRS there are five kinds of real estate transactions that don’t require 1099-S forms to be filed.
1) A de minimis transfer – In other words, if you sell the house for basically nothing. In this case, the IRS defines “nothing” as $600. If the total value of all property, services and money received by the seller and documented on the HUD settlement statement form is less than $600, the sale doesn’t have to be reported.
2) Satisfying a secured debt – If you are transferring the property to the lender to satisfy the mortgage obligation then it does not have to be reported. This would include foreclosure, abandonment or a deed in lieu of foreclosure.
3) It’s not a sale – If the home is being given as a gift or the financing is not related to the acquisition of real estate then it doesn’t have to be reported to the IRS.
4) Corporate transfers – If the seller is a corporation, government or volume transfer or, then no 1099-S is not necessary. A volume transfer or is someone like a builder or developer that treats the property as inventory rather than as an asset.
5) Homeowners – This is the most common one. The 1099-S is designed to tax real estate investors, not average homeowners moving to a new residence. In a nutshell if you lived in the house, didn’t sell another house recently, and the total gain reported on the HUD 1 closing form is $250,000 or less then you don’t need to file a 1099-S. The real rules are more complicated than that but that gives you the gist of it.
You still have to file your HUD statement but if you can avoid the 1099-S this means not only less paperwork but less money out of pocket. The main reason not to file the 1099-S is the seller won’t be taxed on the sale.
DISCLAIMER: We aren’t real estate attorneys. We aren’t tax accountants. We are software developers with access to the instructions for form 1099-S . Consult with a professional before making any decisions about your home or taxes.
If you do need to file a 1099-S, Easy Soft’s HUD settlement statement software makes it easy to file the form manually or electronically. Contact Easy soft for more information on the 1099-S module or to ask us about any of our law practice management software products.