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A home located at 1323 Spruce Street has been sold for $400,000. The buyer has given the broker $5,000 as earnest money. The seller will
A home located at 1323 Spruce Street has been sold for $400,000. The buyer has given the broker $5,000 as earnest money. The seller will pay the 6% real estate brokerage commission, the buyer's title insurance in the amount of $1,460, the $250 wood-destroying organism inspection fee, and the documentary stamp tax on the deed. The buyer will finance the purchase with a new 80% mortgage and will pay all documentary stamp taxes and intangible taxes related to the mortgage. The buyer will pay $70 to record the mortgage, the $20.50 recording fee for the deed, and $450 for a survey. Closing is August 20. Ad Valorem taxes are $2,460 and will be prorated using the 365-day method, with the day of closing charged to the buyer. Homeowners' association fees of $980 were paid in advance for the year on January 1. How much is the buyer's new mortgage and where is it entered on the Closing Disclosure?
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