Well my brain is fried, so I need some assistance. I am checking a closing disclosure for a purchase transaction and cannot figure out what is wrong with page 3 and the cash to close scenario listed below:
Calculating Cash to Close
Total Closing Costs $3,818.68
Closing Costs Paid Before Closing -$687.00
Closing Cost Financed -$3,131.68
Deposit -$500
Adjustments $65.16
Cash to Close -$434.84
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Summaries of Transaction
01 Sale Price of Property $90,000
03 Closing Costs Paid at Closing $3,131.68
04 Additional Items $17,983.91
09 County taxes $65.16
Due from Borrower at Closing $111,180.75
01 Deposit $500
02 Loan Amount $111,200
Paid already by or on behalf of borrower at closing $111,700
Calculation
Total Due from Borrower at Closing $111,180.75
Total paid already by borrower at closing -$111,700.00
Cash to Close To Borrower $519.25
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So the cash to close figure under calculating cash to close is different then the figure obtain under summaries of transactions. These figures have to be the same right?
I have looked at this so long I just am not sure I have this right in my head. Any help is appreciated.
Last edited by NSF; 02/11/16 06:00 PM.
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It is better to act cautiously beforehand than to suffer afterward.
The answers I give are my opinions. Not legal advice.