Escrow & Title
Which of the following items would typically appear as a debit to the seller at closing?
AEarnest money credit
BProrated property taxes owed✓ Correct
CLoan origination fee
DHome inspection fee
Explanation
Prorated property taxes owed by the seller (for the period they owned the property prior to closing) appear as a debit (charge) to the seller at closing.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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