Example): Cash Sale Settlement Date: February 15, Purchase Price: 545,000 Earnest Money: $3,000 Insurance Premium 5235 (paid by buyer) Promated Real Property The Unpaid $720 Deed Preparation $25 Deed Recording: 53.50 Title Search: $315 (paid by buyer) Termite Inspection: 550(paid by buyer) Revenne Stampa: 390 Brokers Fee at 7%: 53.150 Analysis of the Cash Sale Statement Settlement date. The settlement date as shown for this transaction is February 15, 19XX. This is the date on which the closing took place. It is the calendar basis for all pronations that are involved in the closing statement. In making prorations, the day of closing or settlement date is always charged to the seller. The expenses for this date in prorated item are to be paid by the seller. For the purposes of this text and the North Caroline licensing examination, all promotions are performed on the basis of each month consisting of 30 days, and therefore there are 360 days in a year FIGURE 8.6 A cash sale dosing statement Settlement Date: February 15, 19XX Seller's Statement Debit Credit $15,000.00 Buyer's Statement Debit Credit $45,000.00 $ 3,000.00 235.00 5 90.00 90.00 25.00 Purchase Price Earnest Money Insurance Premium Prorated Real Property Tax 45 days Deed Preparation Deed Recording Title Search Termite Inspection Revenue Stamps Broker's Fee Balance Due from Buyer Balance Due to Seller Totals 3.50 315.00 50.00 90.00 3,150.00 42,513.50 41,645.00 $45,000.00 $45,000.00 $45,603.50 $45,603.50 Example): Cash Sale Settlement Date: February 15, Purchase Price: 545,000 Earnest Money: $3,000 Insurance Premium 5235 (paid by buyer) Promated Real Property The Unpaid $720 Deed Preparation $25 Deed Recording: 53.50 Title Search: $315 (paid by buyer) Termite Inspection: 550(paid by buyer) Revenne Stampa: 390 Brokers Fee at 7%: 53.150 Analysis of the Cash Sale Statement Settlement date. The settlement date as shown for this transaction is February 15, 19XX. This is the date on which the closing took place. It is the calendar basis for all pronations that are involved in the closing statement. In making prorations, the day of closing or settlement date is always charged to the seller. The expenses for this date in prorated item are to be paid by the seller. For the purposes of this text and the North Caroline licensing examination, all promotions are performed on the basis of each month consisting of 30 days, and therefore there are 360 days in a year FIGURE 8.6 A cash sale dosing statement Settlement Date: February 15, 19XX Seller's Statement Debit Credit $15,000.00 Buyer's Statement Debit Credit $45,000.00 $ 3,000.00 235.00 5 90.00 90.00 25.00 Purchase Price Earnest Money Insurance Premium Prorated Real Property Tax 45 days Deed Preparation Deed Recording Title Search Termite Inspection Revenue Stamps Broker's Fee Balance Due from Buyer Balance Due to Seller Totals 3.50 315.00 50.00 90.00 3,150.00 42,513.50 41,645.00 $45,000.00 $45,000.00 $45,603.50 $45,603.50