In a closing scenario, what amount would be debited to the seller if their property has adjustments due to delayed occupancy?

Prepare for the VanEd National Real Estate Exam. Study with interactive quizzes and detailed explanations. Get ready to ace your test with confidence!

In a closing scenario involving delayed occupancy, it is essential to understand how adjustments are made between the buyer and seller. When a property is closed but the seller has not vacated the premises, they are typically charged for the extra days they remain in the property. This calculation is usually made based on a per-day rate for the occupancy of the property after the closing date.

The amount that gets debited to the seller for delayed occupancy is derived from multiplying the daily rate of occupancy by the number of days the seller remains in the property post-closing. In this case, if the specific calculations and terms indicate that $1,673 reflects the total amount owed based on the days and daily rate agreed upon in the sale contract, this becomes the correct figure to debit the seller.

The correct answer, $1,673, likely represents that complete calculation rather than merely a fraction or partial amount linked to daily occupancy or a misunderstanding of the total adjustments necessary based on the entire timeline of the transaction. Understanding the calculation behind such adjustments ensures that both parties involved are clear on the financial implications leading up to the closing.

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