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Updated over 6 years ago on . Most recent reply

User Stats

44
Posts
27
Votes
Miguelito Fernandez
  • Investor
  • Cameron, NC
27
Votes |
44
Posts

Categorizing Items in Closing Documents

Miguelito Fernandez
  • Investor
  • Cameron, NC
Posted

 I recently bought a multifamily building and have to account for all the items in the closing documents on my accounting software.

Loan Origination Fee =

Appraisal Fee =

Suits, lean, judgment search =

Loan doc prep fee =

Flood certification fee =

Environmental Review Fee =

Wire Transfer Fee =

Title search =

Title examination =

Attorney’s Fees =

Title Insurance = 

Recording Fees =

Another recording fee =

Electronic recording fee=

delivery fee =

I know how to categorize some of them. I also received rents up until closing day which I know will be under “Rental Income” but I’ve been having a hard time thinking how I should categorize Security deposits. I received the total security deposit amount for all the units in the closing documents which deducted the final amount that I had to pay in the end but I don’t have it in my bank account because the property management company has it. I ended up sending a check out to the property management company for the total amount of the security deposits after closing. That's where I'm stuck right now.

Oh, I also have spent thousands on giving each unit its own water meter so they can pay the water bill. I don't think that would be an expense... right? On the same subject, I still have to pay the plumbers for the work to complete this process. Should I categorize it the same?

  • Miguelito Fernandez
  • Loading replies...