Chp 30 - Closing Costs Flashcards
1
Q
Seller Costs
A
- Prepayment Penalty
- Recording Expenses
- Liens
- Title Expenses
- Survey Fees
- Condo Fees
2
Q
What does the buyer receive at closing
A
Title
3
Q
What does the seller receive at closing
A
Payment for property
4
Q
When does a seller pay loan fees
A
Prepayment penalty
5
Q
Taxable Consideration
A
Profit subtracting personal person after mortgage is paid off
6
Q
Buyer Costs
A
- Appraisal & credit report
- Inspections
- Lender Fees
- Recording Fees
- Transfer Tax
- Title Insurance
- Tax & Insurance reserves
- Attorney fees
- PMI
7
Q
Credits to Seller
A
Sales Price & Prorations
8
Q
Credits to Buyer
A
Earnest Money
New Loan
Prorated Tax
Security Deposits
9
Q
Debits to Seller
A
Loans to be paid Interest on loan Commission Prorated tax Deposits/prepaid rent Title Insurance for owner Prep of deed State transfer tax on deed Attorneys Fees
10
Q
Debits to Buyer
A
Sales price Title Insurance preparation of mortgage/deed Recording of deed Recording of Mortgage Doc tax on note Intangible tax on mortgage Attorney Fees Interest Adjustment
