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What does paid outside of closing mean?

Paid outside closing (POC) is the fees or payments rendered outside of normal title insurance and underwriting fees due at the time of closing a loan. For a $0 closing cost loan, this is often refunded to the borrower at the time of closing.

Likewise, people ask, who pays expenses and receives income for the day of closing?

Accrued expenses include such items as property taxes that are paid in arrears, water bills and interest on assumed mortgages. The seller pays the buyer for the seller’s share of these expenses at closing.

Similarly, is a home inspection part of closing costs? Closing costs include all of the expenses and fees associated with buying a home. It may include special inspections, such as for pests or termites, and may be paid ahead or at closing. Appraisal fees: Charged by the appraiser to determine the value of the home, these fees are paid by the buyer, usually at closing.

Hereof, who does the day of closing belong to?

A: It depends upon the facts. You gave none, just a question. On the day of closing, the house technically belongs to the buy after the closing, but the deed will not be recorded until a few days later in the public records.

When must a buyer inspect the closing statement?

In the wake of the subprime crisis, the Consumer Financial Protection Bureau requires that buyers receive the Closing Disclosure, outlining loan costs among other fees and information pertinent to the borrower, no later than 3 days before closing for review.


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