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14 Cards in this Set
- Front
- Back
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The closing statement summarizes the transaction the day of closing letting the seller know how much they ___ and the buyer learns how much money they will bring |
Take Away |
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__ Companies that offer closing services to brokerage companies for the day of closing |
Title company |
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_ are expenses and receipts debits/credits that are divided proportionately between the buyer and seller |
Prorations |
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Prorations and prepayments are always blank line entries |
Double |
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If done correctly the grand totals in the broker's statement receipts and dispersements will be be_ in each common |
The same |
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The seller's debit column can be explained as a portion of the sales price the seller does __receive on the day of closing |
NOT |
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The buyer's credit column represents money the buyer does not need to bring to the closing table these items _ the amount of the purchase price |
Reduce |
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The binder/earnest money deposit is shown as a __ to the buyer and not shown on the sellers portion of the closing statement |
Credit |
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Prorations calculated as of midnight on the day of closing means it is the _day |
Sellers day |
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Prorations calculated as of midnight on the day before closing means the day belongs to the |
Buyer |
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When prepayment of interest on a new loan is required it's required the day of closing is always charged to the |
Buyer |
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Expenses have no to either buyer or seller |
Credits |
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Doc stamps are $.70 per_ of value |
$100 |
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Doc stamp tax is paid by the |
Seller |
