HUD 1 Flashcards by j bookwood

Q

Credit to Buyer only (Buyer Receives Money)

A

Principal Amount of New Mortgage

- Buyer’s Earnest Money

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Q

Debit to Buyer Credit To Seller ( Seller Gets Money)

A

Selling price of Property
Refund to seller of prepaid water charges
Fuel oil on hand (valued at current market price
Prepaid general real estate taxes
Prepaid insurance and tax reserve for mortgage assumed by buyer

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Q

Credit to Buyer Debit to Seller ( Buyer gets money)

A

Purchase Money Mortgage
Unpaid water and other utility bills
Unpaid principle balance if assumed mortgage
Tenants security deposit
Accrued interest on existing assumed mortgage

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Q

Debit to Seller only

A

Payoff of existing mortgage

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Q

Prorated

A

Accrued interest on existing assumed mortgage
Fuel oil on hand( valued at current market price)
Prepaid insurance and tax reserve for mortgage assumed by buyer
Refund to seller of prepaid water charges and similar utility expenses
Prepaid general real estate taxes

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