Applause, everybody! Welcome back to another episode of Title Tuesdays. My name's Kevin Thatcher, the founder and CEO of Independence Title. We are the premier title company here in South Florida. And as my friend, Ryan Coleman, does of the Broward Real Estate Investors Association when he says announcements, I talked about closing statements. So today, we are going to cover the famous closing statement. We have found that more people, whether they're real estate agents, investors, buyers, or sellers, do not fully understand how to read a closing statement. You're going to be able to follow up in one of our next videos where we're actually going to talk about the new trade guidelines and our closing disclosure because this typical closing statement has been eliminated for a regular conventional loan transaction. So Mark's going to cover the closing disclosure and I'm going to cover the famous closing statement. So, you're going to start seeing an overlay on the video here, talking about all the different sections that I'm going to kind of review. And when I learned many years ago, I learned how to read a closing statement when I first got into the business. And I've always been told start on page 2. Why? We go to 2 and then we go to one. One's more important than 2. So let's start on page 2. Page 2 is a very simple breakdown. You're going to see some numbers on the example that we're going to give you. And I'm just going to review this section so you understand what's in this section. A closing statement is a balance sheet of the closing. It's everything that the buyer pays, everything that the seller pays, all of the credits that are given to the buyer and to the seller, all of...
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Hud 5372 Form: What You Should Know
Copy & paste. Fill HUD-5372, Copy and paste. 1. General. HUD 5372.1. The contractor shall record all construction progress on the job site, as well as any related information (material, personnel, tools and equipment involved), in the Construction Progress Schedule. 2. Project design. 3. Construction plans and specifications. 4. Construction permits. 5. Contractor performance of contract services. 6. Contractor compliance with contract conditions. 6.1. Construction records. 6.2. Design and construction records. 7. Site visit and investigation. 8. Contractor requirements. 8.1. Construction safety. 8.2. Contractor records. 8.3. Materials records. 8.4. Design records. 8.5. Contractor inspection. 8.6. Technical records. 8.7. Quality control. 8.8. Project completion. 8.9. General record keeping. 1. General. The contractor shall record all construction progress on the job site, as well as any related information (material, personnel, tools and equipment involved), in the Construction Progress Schedule. The contractor shall provide to the HUD project manager, Project Management Unit (PMU) an updated Construction Status and Construction Progress Chart (HUD 6001) by the completion of the construction work. 2. Project design. HUD-5372.1. The contractor shall record all construction progress on the job site, as well as any related information (material, personnel, tools and equipment involved), in the Construction Progress Schedule. 2.1. Construction plans and specifications. HUD-5372.1.1. For the construction of project-related components, the contractor shall, using the Construction Plans, Specifications and Engineering Plans (HUD-5310) or such other plans and specifications as are appropriate, complete the entire component prior to entering into construction work. Such plans, specifications and engineering plans shall be prepared by the designer within 2 working days of the receipt thereof. The PMU shall keep such plans, specifications and engineering plans in their possession for a period of five working days on behalf of the HUD project developer. HUD-5372.1.2. Project-related components shall be developed in accordance with the specifications and the guidance in Part IV of this Handbook. These construction plans and specifications shall be subject to the requirements of the subcontractor or supplier. These plans, specifications and engineering plans can be developed before receipt of site survey documentation. HUD-5372.1.3.
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