Monday, June 29, 2009

Charges - Real Estate Closings

Interest
- Seller prepays
- Lender wants buyer to pay for the day of the closing
- Debit Buyer, Credit Seller

Insurance
- Seller prepays
- Debit Buyer, Credit Seller

Rent
- Seller typically has already collected
- Debit Seller, Credit Buyer

Water
- Seller prepays
- Debit Buyer, Credit Seller

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