SETTLEMENT STATEMENT DEBITS AND CREDITS Flashcards
1
Q
TOTAL PURCHASE PRICE
A
CREDITED TO BUYER, DEBITED TO SELLER
2
Q
MORTGAGE ASSUMED (or paid off if Seller)
A
DEBITED TO SELLER, CREDIT TO BUYER
3
Q
MORTGAGE NEWLY CREATED
A
CREDIT TO BUYER
4
Q
PRO-RATED TAXES, INTEREST, ADVANCE RENT
A
DEBIT TO SELLER, CREDIT TO BUYER
5
Q
TENENT SECURITY DEPOSIT
A
DEBIT TO SELLER, CREDIT TO BUYER
6
Q
STATE DOC STAMPS ON DEED
A
DEBIT TO SELLER
7
Q
STATE DOCS STAMPS ON NOTE
A
DEBIT TO BUYER
8
Q
BROKER COMMISSION
A
DEBIT TO SELLER
9
Q
TITLE INSURANCE (OWNERS POLICY)
A
DEBIT TO SELLER
10
Q
PREPARATION OF DEED
A
DEBIT TO SELLER
11
Q
SELLER’S ATTORNEY FEES
A
DEBIT TO SELLER
12
Q
EARNEST MONEY DEPOSIT
A
CREDIT TO BUYER
13
Q
TITLE INSURANCE (MORTGAGEE’S POLICY)
A
DEBIT TO BUYER
14
Q
STATE INTANGIBLE TAX ON THE MORTGAGE
A
DEBIT TO BUYER
15
Q
RECORDING OF THE DEED
A
DEBIT TO BUYER
