CH 14 - R.E. Related Computations & Closing of Transactions

Question 1

required items prior to closing (11)

Answer 1

• copies of contract
• MLS status
• Loan application
• inspection and insurance
• contingencies
• repairs
• closing agent
• utilities
• closing date and location
• walk-through
• escrow funds

Question 2

Debit =
Credit =
(on buyer’s statement and seller’s statement)

Answer 2

Debit = expenses
Credit = receipts