Completing the HUD-1 in a Complex Transaction

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Completing the HUD-1 in a Complex Transaction
by: David Dickinson, BOL Guru
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Question: If a single loan involves the sale of land and the sale of a dwelling, and the seller of the land and the dwelling are different, how should the HUD-1 be completed? A perfect example would be the purchase of a manufactured home where a dealer is selling the borrower a home, and an individual is selling the borrower the land to which the home will be affixed. Similar issues would arise in traditional construction situations where the borrower is buying land from someone other than the builder. Should the HUD-1 only address the land sale on the seller's side? Should two HUD-1s be prepared? Can the HUD-1 be altered to provide two seller's columns?

Answer: Interesting. If you purchased only the manufactured house without the land, RESPA would not apply. Therefore, (I'm trying to big a logic approach here) I would only list the seller of the land.

First published on BankersOnline.com 6/17/02

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