J. Charges and credits of the Buyer/Borrower

Section 100: Charges to Buyer/Borrower.

Line 101: Sales price of the property (from Purchase Contract)

Line 103: Total closing charges of the Buyer/Borrower from page 2 line 1400

Line 106 to 108: Prorations of taxes and assessments. These lines are used to prorate taxes and assessments between the Buyer/Borrower and the Seller when the Seller has paid these items for the current tax period prior to closing. The Buyer/Borrower is charged for his/her share in Lines 106 to 108. The Seller is given a corresponding credit in Lines 406 to 408.

Line 120: Total of sales price and charges due from the Buyer/Borrower (total of lines 101 to 112)

Section 200: Credits to Buyer/Borrower.

Line 201: Money previously given by the Buyer to the Seller (or realtor) at the signing of the Purchase Contract to show that the Buyer intends to purchase the property (from Purchase Contract)

Line 202: Amount of money borrowed from the lender by the Buyer/Borrower

Line 210 to 212: Prorations of taxes and assessments. These lines are used to prorate taxes and assessments between the Buyer/Borrower and the Seller when the Seller has not paid these items for the current tax period prior to closing. The Seller is charged for his/her share in Lines 510 to 512. The Buyer/Borrower is given a corresponding credit in Lines 210 to 212.

Line 220: Total of loan amount and other credits to the Buyer/Borrower (total of lines 201 to 219)

Section 300: Calculation of amount due from or to the Buyer/Borrower at Closing

Line 301: Total charges to the Buyer/Borrower (amount from Line 120)

Line 302: Total credits to the Buyer/Borrower (amount from Line 220)

Line 303: Total amount due from (or to) the Buyer/Borrower at closing (Line 301 minus Line 302). If money is due from the Buyer/Borrower, the Buyer/Borrower must bring this amount to closing in the form or a Cashier’ check. If money is due to the Buyer/Borrower, the Buyer/Borrower will receive a check in this amount at closing from the title company.