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URL:https://www.learndesk.us/class/4746122453057536/lesson/c7f330e4a2be0c0089352e40b1414051?ref=outlook-calendar
SUMMARY:Financial Settlement of the Transaction
DTSTART;TZID=America/Los_Angeles:20260527T190000
DTEND;TZID=America/Los_Angeles:20260527T200000
LOCATION:https://www.learndesk.us/class/4746122453057536/lesson/c7f330e4a2be0c0089352e40b1414051?ref=outlook-calendar
DESCRIPTION: 
Settlement process
Selling terms and closing costs
Debits and credits
Prorated items
Computing prorations

Settlement process 
The process of the settlement consists of five basic steps:
1. Identify selling terms and closing costs. 2. Determine non-prorated debits and credits. 3. Determine prorated debits and credits. 4. Complete the closing statement. 5. Disburse funds.
Selling terms and closing costs
Selling terms are the price of the property, the buyer's deposit and downpayment, and the terms and amounts of the buyer's financing arrangements. Closing costs are final expenses that the buyer or seller must pay at closing to complete the transaction. The sale contract identifies all selling terms and who pays which costs. The apportionment of expenses is subject to negotiation, and in the absence of a specific agreement, is determined by custom. Closing costs include such items as brokerage fees, mortgage-related fees, title-related expenses, and real estate taxes.
Debits and...

https://www.learndesk.us/class/4746122453057536/lesson/c7f330e4a2be0c0089352e40b1414051?ref=outlook-calendar
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