Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 5 You are a paralegal coordinating the closing of Massachusetts property being sold by Evelyn and Frank (Sellers) to Grace and Hope (Buyers). Your

QUESTION 5

You are a paralegal coordinating the closing of Massachusetts property being sold by Evelyn and Frank (Sellers) to Grace and Hope (Buyers). Your firm represents the buyers and lender and will be acting as Settlement Agent. Details of the transaction are as follows:

  • The property address is 200 Liberty Street, Soldasis, Massachusetts in Middlesex County.
  • The purchase price is $500,000.00 and Buyers have already submitted a deposit of $25,000.00 being held by the listing agent in escrow.
  • Buyers will be financing the purchase with a mortgage loan from Generic Mortgage in the amount of $450,000.00.
  • The closing date will be September 1, 2021.
  • Property taxes are $3650.00 for the year and have been paid in full through the first quarter of Fiscal Year 2021 by Sellers. Like most Massachusetts towns, the Soldasis bills taxes quarterly and the fiscal year starts on July 1. The quarterly bills are due in August, November, February and May, so taxes are currently paid through September 30, 2021
  • You have already calculated Sellers' total closing costs to be $27,999.00.
  • You have already calculated Buyers' total closing costs to be $7,212.05.
  • You have received a final water and sewer reading from the Town of Soldasis Water Department that shows $140.15 is due.
  • The Purchase & Sale Agreement recites that the Sellers have agreed to credit the Buyers $1,500.00 toward repairs

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

Law Express Criminal Law

Authors: Emily Finch, Stefan Fafinski

8th Edition

1292295414, 978-1292295411

More Books

Students also viewed these Law questions

Question

What is the unit of electrical resistance?

Answered: 1 week ago

Question

How easy the information is to remember

Answered: 1 week ago

Question

The personal characteristics of the sender

Answered: 1 week ago