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7 Cards in this Set

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Define Accrued item:
on a closing statement, items of expense that incurred but not yet payable, such as interest on a mortgage loan or taxes on real property
Define Closing statement:
a detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made, and all cash paid out in the transaction
Define Credit:
on a closing statement, an amount entered in a person’s favor- either an amount a party has paid or an amount for which the part must be reimbursed
Define Debit:
on a closing statement, an amount charged; that is, an amount that the debited party must pay
Define Escrow:
the closing of a transaction through a third party called an escrow agent, or escrowee, who receives certain funds and documents to be delivered on the performance of certain conditions outlined in the escrow instructions
Define Prepaid items:
on a closing statement, items that have been paid in advance by the seller, such as insurance premiums and some real estate taxes, for which he/she must be reimbursed
Define Prorations:
expenses, either prepaid or paid arrears, that are divided or distributed between buyer and seller at the closing