Question
Roger and Anita Radcliffe are purchasing a rental house at 101 Kennel Club Lane, Dalmation, FL from Ms. C. DeVille. They have agreed on a
Roger and Anita Radcliffe are purchasing a rental house at 101 Kennel Club Lane, Dalmation, FL from Ms. C. DeVille. They have agreed on a purchase price of $275,000 and the Radcliffes have given a $15,000 binder deposit, which is being held in escrow by Dis-Knee Title Company. The closing is scheduled for March 9, 20XX.
The current lease expires on June 30th of the current year, and the rent of $2,200 is due on the first of each month. The Bad-Uns Collection Cooperative, Ms. DeVilles property management team, has collected the rent for March and is also holding a security deposit of $3,000. Ms. DeVille has paid the annual homeowners association dues of $600. Property taxes for the year are estimated to be $3,850.00. The contract calls for all prorations to be made as of the day before closing, using the actual number of days.
The Radcliffes have been approved for a new loan in the amount of $185,000 by Buena Vista Bank. To get the loan, the Radcliffes have agreed to pay a loan origination fee of 1% of the loan amount and a one-half discount point. The fixed interest rate on the new loan is 3.0%, and the first payment ($779.97) will be due May 1 with a late fee of $65.00 if the payment is more than 15 days late
Answer the following questions based on this:
What are the documentary stamp taxes due on the deed?
What are the documentary stamp taxes due on the mortgage?
How much should the buyer AND seller be credited or debited to account for Home-Owners Association (HOA) dues?
How much should the buyer AND seller be credited or debited to account for property taxes?
How much should the buyer AND seller be credited or debited to account for pre-paid interest to cover the Radcliffes interest for March, keeping them current as of April 1st?
PLEASE ANSWER THEM ALL! THANK YOU.
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