Question
Calculate the amount of money to be included on the CD for the following scenario: Purchase price is $205,000. Loan amount is $190,000. The per
Calculate the amount of money to be included on the CD for the following
scenario: Purchase price is $205,000. Loan amount is $190,000. The per diem interest on buyer's loan is $23.61. The lender is collecting a 1-point loan discount at closing. Closing occurs on May 15. County real property taxes are $2,531 for the year and city real property taxes are $1,978 for the year. Seller has not yet paid the real property taxes for the year. Treat closing day as a buyer day for any prorations. The borrower's warranty deed and security deed will need to be recorded in the public records. Calculate the following amounts and think about where they would go on the CD and the ALTA SS:
1. Transfer tax
2. Intangible tax
3. Pre-paid interest on buyer's loan
4. Loan discount fee
5. Prorations for county and city real property taxes
6. Recording fees
Step by Step Solution
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Step: 1
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Step: 2
Step: 3
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