FL PL, Level 14 - Real Estate Related Computations & Closing of Transactions

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6 Terms

1
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preclosing inspection

a walkthrough done to make sure the property's condition hasn't changed and that the agreed-upon terms have been met by the selling party

2
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arrears

A payment that occurs at the end of a period to compensate for charges accrued during that time.

3
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credit

sum of money that is received

4
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debit

sum of money that is owed

5
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proration

The act of dividing or allocating expenses between buyers and sellers based on the actual period of usage of the item or service

6
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profit

the amount of money received after taking into account costs and debts