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Can expenses incurred prior to closing be used in lieu of cash to close?

April 26, 2017cash closing expenses incurred lieu prior Used

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Can expenses incurred prior to closing be used in lieu of cash to close?

1 Answer

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Yes. The borrower must provide receipts and canceled checks to show what funds were used for the project. These monies can be used towards cash to close. Permits, plans, and material deposits/purchases prior to close all fall into this category.