In Suffolk and Nassau counties of New York State, you don't fill it out, the title closer/attorneys do. (And if you're an agent asking this question, the answer is, you don39;t fill it out....especially if you're here asking for help! )
If you're the buyer, I certainly hope you have an attorney representing you, even if you're working directly with an owner to buy this property. In New York State it is reckless to buy or sell real estate without an attorney's advice.
For a cash transaction a HUD-1 form is not required by federal law, to my knowledge, but it sure is nice.
A few years ago I hired an attorney who didn't use a HUD-1 form. When I bought a property all-cash, he wrote the data out on blank paper as a letter. That's old school and I don't recommend it, and I wouldn't let an attorney do that with me again; it's harder to read, and he made a minor mistake that wasn't caught prior to the closing. So insist on a HUD-1, and then review it to look for errors.
Karla Harby, VP
Charles Rutenberg Realty