A binder deposit is a
Credit BUYER
a 1st mortgage balance is a
Credit Buyer
a 2nd mortgage balance is a
Credit BUYER Debit SELLER
Rent is a
Credit BUYER / Debit Seller
Interest: 1st mortgage
_BUYER Debit_ SELLER
Prepayment on the 1st mortgage:
_BUYER
Prepayment on the 2nd mortgage:
Debit: BUYER Credit: Seller
County Taxes
Debit: BUYER Credit: Seller
abstract continuation usually paid by
the Buyer
State Tax: Deed
Debit: SELLER
State Tax: Mortgage Note
Debit: BUYER
Intangible Tax: Mortgage
Debit: BUYER
the 1st mortgage balance is aka
Assumed Mortgage
The 2nd mortgage balance is aka
Seller financing
Expenses: abstract continuation paid by
Buyer
aside from expenses which two are single entries
Binder deposit
first mortgage balance - if a new loan from outside lender not involving the seller
Tax paid on both new and assumed mortgages
State tax: Mortgage note
Tax not payable if a subject a mortgage
State tax: mortgage note
Paid only on all new mortgages
Intangible tax: mortgage
