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Author Question: Describe the components that affect the seller at closing. What will be an ideal ... (Read 55 times)

j.rubin

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on: Aug 2, 2018
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

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Reply #1 on: Aug 2, 2018
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.


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j.rubin

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Reply #2 on: Aug 2, 2018
Both answers were spot on, thank you once again


Jevvish

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Reply #3 on: Aug 2, 2018
Great! Please up vote :D


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