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A water bill is due in advance for the period September 1 ...

Resolved Question:

A water bill is due in advance for the period September 1 through November 30. The amount of the bill is $129. As of the date of closing, September 9, the bill is unpaid. How should the broker handle this on the settlement worksheet?

a. $129 debit to seller, credit to buyer.

b. $117.66 debit to seller, credit to buyer.

c. $11.34 debit to seller, $117.66 debit to buyer, $129 credit to broker.

d. $11.34 debit to seller, $129 credit to buyer.

Under what circumstances would the settlement statement reflect no proration for this year’s taxes?

a. The seller already paid them in April for a closing May 1 or later.

b. For a December 31 closing.

c. For a January 1 closing.

d. A buyer is getting a new loan.
Submitted: 9 years ago.
Category: Homework
Expert:  The Professor replied 9 years ago.

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