NCh7Settlement And Closing

Question 1

The closing or settlement on the property is now called

Answer 1

Consummation

Question 2

What do we do on the closing disclosure for unpaid taxes, unearned, rent, and tenant security deposits,

Answer 2

Debit the seller
Credit the buyer

Question 3

What do we do on the closing disclosure for accrued interest and existing loan payoff and fees necessary to furnish marketable title?

Answer 3

Debit the seller
No entry to the buyer

Question 4

What do we do on the closing disclosure for homeowners association, fees, pre-pay taxes, and fuel in the tank?

Answer 4

Debit the buyer
Credit the seller

Question 5

What do we do on the closing disclosure for prepaid interest and charges associated with the loan like points?

Answer 5

Debit the buyer
No entry the seller

Question 6

What do we do on the closing disclosure for the loan amount and earnest money deposit?

Answer 6

Credit the buyer
Credit the seller (sale price)

Question 7

Who is responsible for closing the transaction as set forth in the sales contract or preventing closing? Unless both buyer and seller agree to any changes in the contract terms?

Answer 7

The escrow

Question 8

Who researches the history of the property to identify potential problems claims discrepancies that may interrupt a sale?

Answer 8

Title officer

Question 9

Who focuses on preparing information gathered on properties and completing necessary paperwork, including tax forms required for the transaction to take place and manages the funds in the escrow account?

Answer 9

Escrow officer