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DEBITS & CREDITS  

  BUYER  SELLER
ITEM  DEBIT  CREDIT  DEBIT  CREDIT 
purchase price          
credit report         
mortgagee title insurance         
owner's title insurance policy        
private mortgage insurance (PMI)        
recording the mortgage        
earnest money          
commission        
soil tests, percolation tests        
termite inspection        
sale of personal property        
seller's existing mortgage         
partial month's interest        
buyer's new mortgage loan         
assumption of the seller's existing mortgage loan        
partial month's interest on an assumed loan         
purchase money mortgage        
real estate taxes (paid in arrears)         

real estate taxes (paid in advance)

 

   

 

security deposits         
partial month's rent        
balance due from the buyer              
balance due the seller at closing          

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Last updated 04/02/10