Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For questions, prorate using a 30-day month and a 360-day year, prorate the tawes as of the ciose of escrow, and split the escrow lee

image text in transcribed
For questions, prorate using a 30-day month and a 360-day year, prorate the tawes as of the ciose of escrow, and split the escrow lee 50 - s0 between the parties Closing is july 31 . Use these relevant facts: 5 Purchase price: $250,000 cash 5 Earnest money $10,000 5 Commision rate: 5%, split 50-50 5 Revenue stamps: $250 5 Real estate taxes: 53,500 (paid in full for current taxyear of )an. 1 through Dec. 31) 5 Water bill: 5 Water bili: 5450 (sin 5 Recording fee: $20 5 Escrow fee: $868 Loan balance. 194,500 (existing loan, includieg credit for the reserve account What amount is the buyer debited for the real estate taxes? $1,458.33 $1,467.10 $2,021.90 $2,033.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Pricing In General Insurance

Authors: Pietro Parodi

2nd Edition

0367769034,1000860833

More Books

Students also viewed these Finance questions