MacBook Air Legal 3170 Proration Questions for Settlement Closing Statement Preparation 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 His yearly taxes for the year are $950, and the water is $150 a Bob sold his house on July 15. 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? 1. 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? 2