Chapter 14 Flashcards
How is the binder deposit noted on the Closing Disclosure Statement?
Credit to the buyer
How is assumed mortgage interest noted on the Closing Disclosure Statement?
Debit seller, credit buyer
How are property taxes noted on the Closing Disclosure Statement?
Debit seller, credit buyer
How is rental income noted on the Closing Disclosure Statement?
Debit seller, credit buyer
How are the intangible taxes noted on the Closing Disclosure Statement?
Debit buyer
How are the documentary stamp taxes on the note, noted on the Closing Disclosure Statement?
Debit buyer
How are the documentary stamp taxes on the deed noted on the Closing Disclosure Statement?
Debit seller
How is the brokerage fee typically noted on the Closing Disclosure Statement?
Debit the seller
Finish this sentence: All mortgages are a ________ to the buyer.
Credit
How is the total purchase price noted on the Closing Disclosure Statement?
Credit seller, debit buyer
