Escrow & Title
Which of the following would appear as a debit to the seller on the South Carolina closing statement?
APurchase price received from buyer
BExisting mortgage payoff✓ Correct
CEarnest money deposit
DHomeowner's insurance prepayment
Explanation
The existing mortgage payoff is a debit (charge) to the seller because the seller owes this amount. The purchase price is a credit to the seller, and earnest money is typically credited to the buyer.
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