How to Get HUD 1 Settlement Statement Disbursements Right

Easy HUD is a great help with real estate paperwork and can cut your closing time by 70%, but it does more than just fill out forms. Keeping track of all the disbursements that need to be made can be a nightmare, especially if you are handling multiple properties at the same time, and you need the help of comprehensive title closing software to prepare the ledger.

Manual Ledgers

Many real estate offices still keep their ledgers by hand, and that’s great if you are Bob Cratchit working by candlelight but it’s really not an effective technique in a modern, competitive real estate firm. Manual ledgers are fine if you have a simple transaction but how often are real estate deals simple? You are receiving from and paying to multiple parties. Some items are pre-disbursed or on deposit. You have to split or combine checks, keeping track of every penny on each payment. A simple arithmetic error can take hours to track down.

Financial Software

You can try using generic accounting software but you’ll find these products aren’t going to work as well as dedicated real estate title software. These solutions solve the problem of arithmetic mistakes and complex transactions, but having to enter information into two separate programs increases the chance of entry errors. You can’t connect the ledger directly to the HUD form so you may find it difficult to track each entry on the form to see if it’s been paid or not. Accounting software is a step in the right direction but it’s still a half measure.

Dedicated Real Estate Solutions

Easy HUD, Easysoft Legal Software’s HUD settlement statement software, has an optional Ledger module that makes handling the financial side of things simple. It integrates the ledger with the HUD form so you know all the information on the form will be tracked on the ledger. You don’t have to worry about missing a payment or getting confused about what checks go to which recipients. Both the ledger and the HUD form pull information from the same client record, minimizing the chance of data entry problems.

Just as attorneys need specialized legal practice management software rather than generic business products, so do real estate firms need dedicated real estate solutions. Download a demo of Easy HUD and discover all the features that speed up closing, reduce errors and improve your firm’s profitability.

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