Author Question: Describe the components that affect the seller at closing. What will be an ideal ... (Read 63 times)

j.rubin

  • Hero Member
  • *****
  • Posts: 557
Describe the components that affect the seller at closing.
 
  What will be an ideal response?

Question 2

What is the purpose of withholding funds from the seller's proceeds of the sale?
 
  What will be an ideal response?



Jevvish

  • Sr. Member
  • ****
  • Posts: 326
Answer to Question 1

The components that affect the seller at closing are providing documents related to the clearing title. The seller will also sign the deed and complete a tax information report, the 1099-S for the IRS.

Answer to Question 2

Sometimes there are issues related to the contingencies in the agreement of sale or objections raised on the title report that cannot be resolved prior to settlement. In an effort to complete the sale, a portion of the seller's proceeds may be placed in an escrow account. The funds are released to pay for the item and any balance is refunded to the seller.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

j.rubin

  • Hero Member
  • *****
  • Posts: 557
Both answers were spot on, thank you once again



Jevvish

  • Sr. Member
  • ****
  • Posts: 326

 

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

For a complete list of videos, visit our video library