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Chapter 17 Real Estate Closing Procedures, Debits vs Credits – Start studying Chapter 17 Real Estate Closing Procedures, Debits vs Credits. Learn vocabulary, terms, and more with flashcards, games, and other study tools.. Selling price= Debit to the buyer and credit to seller. Closing the real estate transaction quiz 37 terms.
1 out of 6 home buyers get down payment assistance from the seller. Here’s what that tells us. – Instead, she asked that the amount of the extra repairs be refunded to her as a credit at closing. s a big difference between the actions of a buyer trying to pile in to an inflating real estate.
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The tax liability may have larger consequences outside the real estate transaction. If a seller wants a quick closing, they should offer a credit to the buyer – and maybe even a bonus commission to the buyers’ agent. For a buyer who rents and can be flexible, a quick closing is simple.
The buyer and seller typically negotiate the terms of a seller credit early in the transaction. Buyers request an amount, as a percentage or dollar amount, in the offer to purchase.
Can someone explain how a property tax credit at closing works? Asked by Homehelp111, Crest Hill, IL Tue Nov 15, 2011. I am closing on a house on December 16th. My lawyer told me I will get a year’s worth of tax credit from the seller.
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Real Estate ABC – Information on Buying and Selling A Home – Real Estate ABC – Information on Buying and Selling A Home Interest Rate Report – Jul 2015. Long-term mortgage interest rates continued their move to record highs for 2015, according to data from mortgage finance company Freddie Mac.