Question
Please help me check my figures.... For questions 3 through 5, prorate using the actual number of days in the month and year. Split escrow
Please help me check my figures.... For questions 3 through 5, prorate using the actual number of days in the month and year. Split escrow fee 50-50. The seller will pay the revenue stamps, and the buyer will pay title insurance and the recording fee. The buyer assumes the existing mortgage balance of $127.042.42, the buyer will pay the purchase price and the loan balance, and the present monthly payment on the loan is $1,001.40. Closing is October 15 Use the relevant facts: Purchase price $350,000 Earnest Money $3,500 Commission Rate 6% split 50-50 Real estate taxes $2,900 paid in full for the current year Jan 1 through Dec 31) Escrow $ 800 Title Insurance $1,150 Insurance Policy $758 (annual premium) Revenue Stamps $126.30 Recording Fee $ 30 Interest Rate: 3.75% (paid in arrears, with next payment due Nov. 1) What are the prorated real estate taxes to be charged to the BUYER? A. $604.20 B. $611.78 C. $690.67 D. 728.30 What will be the amount of commission paid to the cooperating broker? A. $ 8,750 B. $10,500 C. $17,500 D. $21,000 What amount will the seller receive at the closing? A. $201,847.28 B. $205,572.33 C. $208,654.34 D. $217,749.28
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