A sale of property goes through many phases before the new owner moves into a house. Which of the following dates is the executed transaction date and why did you choose that date?
January 5 - the property is listed
March 1 - the seller accepts the offer
March 29 - new loan papers are signed by the buyer
March 30 - buyer receives settlement statement and all monies are deposited into escrow
March 31 - grant deed and trust deed are recorded
April 1 - broker gets commission
April 15 - seller moves out of the house
April 21 - the buyer moves into the house
B. If the seller of a property has paid both the 1st and 2nd installments of the property taxes for a total annual bill of $3,480, what is the proration of property taxes for both seller and buyer if escrow closes on April 1? Show your calculations.
Part 2
- Define an adjustable rate mortgage and all its key terms such as index, adjustable interval, etc. Then, search the internet and provide an example of an ARM.
- What is the cost of 2 points on a $300,000 loan? Show calculations.
Other samples, services and questions:
When you use PaperHelp, you save one valuable — TIME
You can spend it for more important things than paper writing.
