Closing Statement Flashcards
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Closing costs on a loan (unless negotiated differently)
Debit Buyer
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Owner’s title insurance policy
Debit Seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Earnest money that had been deposited in escrow
Credit Buyer
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
New Loan
Credit Buyer
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Seller carryback loan
Credit Buyer/Debit Seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Loan Payoff
Debit Seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Rents prepaid by tenants (prorated)
Credit Buyer/Debit Seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
security deposits paid by tenants (full amount)
Credit buyer/debit seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Property tax paid in arrears (prorated)
Credit Buyer/Debit Seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
prepaid taxes (prorated)
debit buyer/credit seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Fuel oil/propane gas (prorated)
debit buyer/debit seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
water charges to be billed (prorated)
credit buyer/debit seller
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
tax and insurance impounds
debit buyer
Indicate whether the SELLER or BUYER will be CREDITED or DEBITED/Charged for the following cost on a closing statement:
Interest on a new loan from closing date to first day of the following month
debit buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost_:_
Sales Price
Credit Seller/Debit Buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost_:_
Earnest money
Credit buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: Buyer executes a second load to seller for $10,000 (Seller Carryback)
Debit Seller/Credit Buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: Seller’s existing loan to be paid off (Payoff First Loan)
Debit Seller
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: New first loan
Credit buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: Tax Proration
Debit Seller/Credit Buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: Loan Orig. Fee
Debit Buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: ALTA Title Policy Fee
Debit Buyer
Indicate Credit/Debit for Buyer and Seller
Closing Statement Cost: Escrow Fee
Debit Seller/Credit Buyer
Indicate Credit/Debit for Buyer and Seller
Owner’s Title Insurance Policy
Debit Seller
