What kind of entries are referred to as single entries on the Closing Disclosure?

Single entries on the Closing Disclosure pertain specifically to debits that affect only one party in the transaction. This means that when a single entry is classified as a debit to one party, it indicates a cost or expense that is solely incurred by that party. For example, if the buyer is responsible for certain fees, those amounts will appear as single entries labeled as debits on their behalf in the Closing Disclosure. This clear demarcation helps ensure that each party understands their individual financial obligations in the transaction.

In contrast, entries affecting both parties equally would be recognized as shared costs and may appear differently on the disclosure, making it clear that both parties are responsible for those amounts. Similarly, credits typically signify financial benefits or funds received by one party, and shared costs indicate that both buyer and seller are jointly responsible for certain expenses. Understanding these distinctions is crucial for accurately interpreting the financial aspects of real estate transactions.