20 Jun Week 6 Assignment
Using the information provided below, calculate the buyer’s and seller’s costs and credits as they would appear on the Closing Disclosure Form (CDF). Refer to Chapter 9 and page 223 for help. You are not required to use the actual CDF Word Document, but you are certainly welcome to use it and it might make things a little easier. There is a .pdf of the Closing Disclosure document also attached for viewing.
You may simply list the debits (charges) and credits (additions) to both buyer and seller and the total amount due to/from each party in a MS Office Word or Excel document. The goal is to come up with the amount the Buyer needs to bring to closing, and the amount the Seller would receive at closing.
Do your best to first determine which party is responsible for each item. Upon completion, upload your CDF showing the Buyer and Seller Costs to the Assignments area of the classroom.
When calculating these costs, the complications can occur when you figure the taxes and shared lender fees, etc. Just do your best and let me know if you have any questions. You can receive partial credit on this assignment even if your numbers are slightly incorrect.
Property located in Virginia
Closing Date: October 15
First payment due: December 1
Sales Price: $280,000
Earnest money deposit: $5,000
Down payment: $56,000
Existing loan to be paid off: $125,000 @ 4.75% interest
New loan amount: $220,000 @ 4.50% interest, for 30 years
Total of three points, split by buyer and seller
Escrow (impound) of two months
Annual property taxes: $2,400, paid through December 31
Hazard insurance: $330 for one-year policy
Real estate broker commission: 6 percent
Owner’s title policy: $250
Lenders title policy: $750
Survey $125
Recording fees charged to buyer: $75
Lender fees charged to buyer: $1,100
Transfer tax: $180 paid by seller
Termite inspection: $125
Roof inspection & repair: $2,100
Homeowner warranty provided by seller: $500
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.