Chapter 14- Computations And Closing Of Transactions Flashcards
The binder deposit held in escrow by a broker could be entered on the closing statement as a ____ to the ____
Credit to the buyer
The ___nnormally pays for the documentary stamp tax on the deed
Seller
The amount due from the buyer at closing is shown on page ____ of the closing disclosure form
3
Prorations are always entered on a closing statement as ____ entries
Double
An owners title insurance policy is ordinarily paid by the ____
Seller
State documentary stamp tax on the promissory note and intangible tax on a new mortgage is normally paid by the ____
Buyer
___ and ___ are paid in advance; ____and. ___ are paid in arrears
Rent and insurance
Taxes and insurance
The amount due the seller at closing is calculated by subtracting the sellers total ___ from the sellers total ___
Debits
Credits
The closing disclosure form may be completed by the ___ ___ or ___
Closing agent
Lender
The closing disclosure form must be delivered to the borrower not less then ____ ____ ____ prior to closing
3 business days
If no agreement has been reached between the buyer and the seller concerning the responsibility for the payment of closing costs, they will be allocated according to_____
Custom
The day of closing is always charged to the buyer for ____ ____
Prepaid interest
The____ is responsible for the accuracy of the closing disclosure form
Lender
Prorated rent is entered on the closing statement as a ____ to the seller and a ___ to the buyer
Debit
Credit
No taxes are payable on either the note or mortgage when title is taken ___ ___ the mortgage
*ed and lenor
Subject to
