The "HUD-1 Form," also called the "closing sheet" or "settlement sheet" is a detailed accounting of all the expenses incurred by a buyer and seller in a real estate transaction. The HUD-1 form is provided to the buyer and seller by the closing agent and is required for all U.S. residential property transactions involving federally-secured or sponsored mortgage loans. Parties to the transaction should be given the form at least one day prior to closing.