SETTLEMENT STATEMENT DEBITS AND CREDITS Flashcards Preview

Real Estate Course Chapter 1 > SETTLEMENT STATEMENT DEBITS AND CREDITS > Flashcards

Flashcards in SETTLEMENT STATEMENT DEBITS AND CREDITS Deck (19):
1

TOTAL PURCHASE PRICE

CREDITED TO BUYER, DEBITED TO SELLER

2

MORTGAGE ASSUMED (or paid off if Seller)

DEBITED TO SELLER, CREDIT TO BUYER

3

MORTGAGE NEWLY CREATED

CREDIT TO BUYER

4

PRO-RATED TAXES, INTEREST, ADVANCE RENT

DEBIT TO SELLER, CREDIT TO BUYER

5

TENENT SECURITY DEPOSIT

DEBIT TO SELLER, CREDIT TO BUYER

6

STATE DOC STAMPS ON DEED

DEBIT TO SELLER

7

STATE DOCS STAMPS ON NOTE

DEBIT TO BUYER

8

BROKER COMMISSION

DEBIT TO SELLER

9

TITLE INSURANCE (OWNERS POLICY)

DEBIT TO SELLER

10

PREPARATION OF DEED

DEBIT TO SELLER

11

SELLER'S ATTORNEY FEES

DEBIT TO SELLER

12

EARNEST MONEY DEPOSIT

CREDIT TO BUYER

13

TITLE INSURANCE (MORTGAGEE'S POLICY)

DEBIT TO BUYER

14

STATE INTANGIBLE TAX ON THE MORTGAGE

DEBIT TO BUYER

15

RECORDING OF THE DEED

DEBIT TO BUYER

16

RECORDING OF THE MORTGAGE

DEBIT TO BUYER

17

BUYER'S ATTORNEY FEES

DEBIT TO BUYER

18

PREPARATION OF MORTGAGE AND NOTE

DEBIT TO BUYER

19

MORTGAGE NEWLY CREATED- HELD BY SELLER (PURCHASE-MONEY MORTGAGE)

DEBIT TO SELLER