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Anyone know how to do the debits and credits for a house sale?

I bought the house for 65,000, sold it for 100,000, and had a mortgage discharge of 50,000.

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  1. you pay mortgages in arrears, taxes are paid by the half yr and prorated back to you, insurance is stopped and you are credited by the insurance company with a check to follow; the closing costs for the title policy, the document fees, the escrow fees and prepaid interest or prorated items are itemized and credited or debited to your side of the sheet that is a deduction to your balance owing to you, this includes all total amts due the lender that you had your loan through and any cost or prepayment penalty's that they may impose. add all the debits & subtract all the out of escrow costs & rebates from 3rd parties from the sales price and you will have your total amt delt to you at COE. They are all itemized so inspect your page/closing sheet and if you have questions, go back to your escrow officer and grill them to give you an answer that you will understand.
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