Definition: A charge against a party on a closing statement. In accounting more broadly, a debit is an entry on the left side of an account whose effect depends on the account type.
Example
The purchase price appears as a buyer debit, while an allocated seller expense is a seller debit.
Keep the distinction clear
A debit is not universally an expense or cash payment in accounting. In a closing question, first identify which party is charged and why.
Related terms
Credit (Closing Statement) · Prorate · Per Diem
Keep studying
Real Estate Prorations: Who Gets Debited and Credited?
References: California DRE: real estate glossary
Pronunciation (US): DEB-it (capitals show stress)
Pronunciation reference: Merriam-Webster
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