In residential real estate, the Contract to Buy & Sell can be a bit confusing for first-timers, especially because it’s 19 pages long. The dates & deadlines of the real estate contract are covered even before the sales price. If you understand what those dates mean, you will understand 75% of the contract.
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The Real Estate Settlement and Procedures Act, which governs residential real estate closings, prohibits parties from giving buyers money outside of the transaction. The HUD-1 must reflect all credits given to a buyer; monetary concessions are viewed as inducements to buy unless disclosed on the settlement statement.
I’m a buyer and my real estate agent gave me a portion of her commission. She also sent me a 1098 recently. Is this taxable? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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The Buyer Chances are the first time you see a real estate closing statement will be as a home buyer. The debit section highlights the items that are part of the total you’ll owe at closing, including the amount due for closing and title costs, which are generally halved with the seller.
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The above fees, if shown in the purchase contract as a seller-paid fee, would be reflected on the closing statement as a credit from the seller to the buyer. Because these fees are not really a credit to the buyer from the seller, they are then shown as a debit to the buyer, which zeroes them out.
Start studying Closings- Debits and Credits. Learn vocabulary, terms, and more with flashcards, games, and other study tools.. credit buyer; "Principal remaining on loan assumed by buyer"; appears on both buyer’s and seller’s settlement statement. colorado real estate Exam Prep State.
Our credit applies to owner-occupied, second homes, and investment properties and helps qualify for a loan. Fee Florida Realty credits 50% of its commissions towards buyer’s closing costs, up to 1.5% of the purchase price.