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15 Cards in this Set
- Front
- Back
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Escrow Agent |
A disinterested third party authorized to coordinate closing activities closing |
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Closing Statement |
A detailed accounting of each party’s side of the transaction |
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Credit (+) |
Amount payable to the buyer or seller |
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Debit (-) |
Amount to the be paid by the buyer or seller a) an amount owed b) charge or expense |
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Credit to the seller example: ___________ |
Sale Price |
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Debit to the seller: payoff existing loan, _________, seller contributions, seller financing. |
Brokerage fee |
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Debit to buyer examples: __________ sale price, loan fees, recording the deed |
Sale price |
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Credit to buyer examples: new loan amount, _________, any seller financing |
Earnest money |
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Items paid in advance means? |
The seller paid and calculate the amount owed by the buyer |
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Items paid in arrears means? |
The buyer paid and calculate the amount the seller owes the buyer |
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The party that paid the expense will receive a ________ at settlement. |
Credit |
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The prorated amount will alway be _____________. |
An equal amount |
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Proration formula |
(Amount paid / days in the billing period) x number of days owed |
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360-day year means? |
30 days in a month |
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365-day year |
Actual days in a month |
