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26 Cards in this Set
- Front
- Back
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before closing, the buyer will make a final inspection of the property called a what?
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walk-through
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name the 4 things that the buyer does a walk-through before closing to insure?
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1 the seller has vactaed the premises
2 no damage has occurred since the last inspection 3 the seller has not removed any fixtures 4 the seller has left behind any personal prop agreed upon in the contract |
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Name 6 purposes of closing.
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1 to insure all contract provisions have been completed
2 to receive the amt due from the buyer 3 to remit the net proceeds from the sale to the seller 4 to pay all the settlement cost and charges 5 to convey legal title to the buyer 6 to make sure commission is paid to the listing broker |
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is a debt a
- or + |
-
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is a credit a
- or + |
+
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a 4 column closing statement worksheet which itemized debits and credits for both buyer and seller
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settlement statement worksheet
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On the settlement worksheet the sales price is (debited or credited) to the buyer.
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debited
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On the settlement worksheet the sales price is (debited or credited) to the seller.
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credited
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On the settlement worksheet the broker's commission is (debited or credited) to the (buyer or seller)?
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debited
seller |
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On the settlement worksheet the earnest money deposit is (debited or credited) to the (buyer or seller)?
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credited
buyer |
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On the settlement worksheet the seller's loan balance is (debited or credited) to the (buyer or seller)?
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debited
seller |
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On the settlement worksheet the seller's loan interest is (debited or credited) to the seller?
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debited
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in the case where the buyer is assuming the seller's loan, on the settlement worksheet, the seller's loan interest is (debited or credited) to the seller?
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debit
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in the case where the buyer is assuming the seller's loan, on the settlement worksheet, the seller's loan principal is (debited or credited) to the seller?
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debited
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in the case where the buyer is assuming the seller's loan, on the settlement worksheet, the seller's loan interest is (debited or credited) to the buyer?
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credited
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in the case where the buyer is assuming the seller's loan, on the settlement worksheet, the seller's loan principal is (debited or credited) to the buyer?
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credited
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Proration Rules 1,2&3
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1 Credit one party the same dollar amount that you debit the other
2 Prorate on the basis of a 360 day year and a 30 day month 3 The seller owns the property on the settlement (closing) date for prorations |
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On a settlement statement at closing, the real estate tax from the jan 1 until closing is (credited or debited) the seller?
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debited
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On a settlement statement at closing, the real estate tax from the jan 1 until closing is (credited or debited) the buyer?
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credited
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buyer's hazard insurance premium is (credited or debited) the buyer?
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debited
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When the buyer assumes the seller's hazard insurance, the portion that is already paid by the seller and not used is (credited or debited) to him?
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credited
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When the buyer assumes the seller's hazard insurance the portion that the seller has pre-paid is (debited or credited) to the buyer?
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debited
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On the settlement statement, in regards to rent what amount is prorated?
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the current month's rent
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On the settlement statement, the current month's rent from the 1st of the month until the day of closing is (credited or debited) to the seller?
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debited
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On the settlement statement, the current month's rent from the 1st of the month until the day of closing is (credited or debited) to the buyer?
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credited
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Who fills out the settlement statement worksheet?
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the closing agent
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