Q: What does the term POC (Paid Out Of Closing) stand for?
A: When financing a property, there are certain costs & charges a buyer (sometimes seller) has to pay for. If any of these costs are paid before the closing, they are then referred to as P.O.C. (paid outside of closing). An example of this would be a credit report or appraisal – the cost of both frequently appear on closing papers as POC.
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