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7 Cards in this Set
- Front
- Back
Define Accrued item:
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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
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Define Closing statement:
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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
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Define Credit:
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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
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Define Debit:
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on a closing statement, an amount charged; that is, an amount that the debited party must pay
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Define Escrow:
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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
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Define Prepaid items:
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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
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Define Prorations:
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expenses, either prepaid or paid arrears, that are divided or distributed between buyer and seller at the closing
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