Q. I seem to have misplaced my HUD-1 form when we bought our house back in 1972. What can I do to obtain a copy and where?
A. In case my readers do not know what a HUD-1 form is, let me explain. In 1974, when the Real Estate Settlement Procedures Act became federal law, the Department of Housing and Urban Development was authorized to develop a standard settlement statement. That document is known as a HUD-1.
HUD revised the form effective Jan. 1, 2010, presumably to provide consumers more information about the settlement process and the costs they have to pay in order to buy their house.
So, don’t look for a HUD-1 for your 1972 purchase. That form was not in existence before 1974. You should just be looking for a simple settlement statement.
However, I suspect that you will never find it. The escrow (title) company that conducted your settlement is either out of business or has destroyed their old files.
If your original lender is still around, it may have your file, but based on the length of time that has passed, I doubt it.
My suggestion: Try to re-create your costs as best you can. Do you keep back checks? If so, that may assist you.
And do you really need that document? Usually, it is important to determine if you will have to pay any capital gains tax when you sell a house. Talk with your accountant about your situation. You may be eligible for the up to $250,000 (or $500,000 if you are married and file a joint tax return) exclusion of gain, and will not have to worry about the information on your settlement statement.