Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Join our platform to connect with experts ready to provide detailed answers to your questions in various areas. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Sal paid his annual homeowners insurance on january 10th. he eventually sells his property on march 27th. how will sal's homeowners insurance be categorized on the settlement statement?

Sagot :

anthougo

Sal's homeowners' insurance premium will be categorized as Prepaid Mortgage Costs on the settlement statement.

What are the prepaid mortgage costs?

The prepaid mortgage costs are the upfront cash payments made for certain mortgage expenses before their due dates.

Some prepaid mortgage costs are:  

  • Homeowners insurance
  • Property taxes
  • Mortgage interests.

Thus, Sal's homeowners' insurance premium will be categorized as Prepaid Costs on the settlement statement.

Learn more about prepaid mortgage costs at https://brainly.com/question/27597942

#SPJ1

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.