Settlement statement.

Indicate where the following entries would be located on the Hud-1 Settlement statement. Also indicate whether they would be a debit or a credit and to who. 1. Purchase price 2. New First Mortgage 3. Taxes Arrears 4. Taxes in Advance 5. Commission 6. Recording of Deed 7. Preparation of Deed 8. Earnest Money deposit 9. Second Mortgage Pay-off 10. Second Mortgage-purchase money mortgage 11. Title insurance 12. Closing cost for buyer and seller 13. Personal property that buyer purchased from seller 1. Bob sold his house on July 15. His yearly taxes for the year are $950, and the water is $150 a year. Bob prepaid the taxes and the water on January 1st. At closing what does the buyer pay the seller? Also, who is debited and who is credited and how much? 2. In the question above the taxes and the water are paid in arrears. At closing who is debited and who is credited and how much? 3. Taxes in Utah are due November 30th. The annual taxes are $1540 and are paid in arrears. Closing takes place on May 1st. What is the entry for the buyer and seller? 4. In Questions 3 from above, what would be the entry for buyer and seller if the taxes were paid in advance? 5. The balance of the mortgage assumed is $40,000 at 11 percent. Payments are due on the tenth of the month. Closing date is March 1st. What is the actual interest proration? Who get debited and who gets credited ? 6. A closing takes place on August 15. Rent of $900 has been paid for the month. Tenants gave a deposit of $1000 when they first rented. What is the proration entry? 7. A house sold for $125,000. The mortgage balance was $65,000, escrow fees were $1200, deed preparation was $50, and a 7 percent commission was paid. The seller received $860 tax credit and gave a $12,000 second mortgage to the buyer. What did the seller receive at closing? 8. Annual taxes of $2400 per year are paid in advance on January 1st. Closing takes place on September 1st. What is the entry? 9. Annual taxes are $2400 per year paid in arrears. Taxes are due November 30th. Closing takes place on July 22nd. What is the entry? 10. Tenant pays $1100 per month for rent along with a $1000 security deposit. Taxes are $2200 per year paid in arrears. Closing takes place on March 24th. What is the entry?    

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