1 point A man purchases a fee simple property for $70,000 by way of assuming a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 point A man purchases a fee simple property for $70,000 by way of assuming a first mortgage of $50,000, paying $10,000 in cash and having the seller take back a purchase-money second mortgage for the balance. There is an existing $5,000 second mortgage on the property. At the close of escrow, what is the correct order in which to record the documents? OA. The assumption mortgage, the deed, the purchase-money second mortgage. B. The deed, release of existing second mortgage, assumption agreement, purchase-money mortgage. Oc. The purchase-money second mortgage, the deed D. The release of existing second mortgage the deed, the purchase-money second mortgage O B 1 point A man purchases a fee simple property for $70,000 by way of assuming a first mortgage of $50,000, paying $10,000 in cash and having the seller take back a purchase-money second mortgage for the balance. There is an existing $5,000 second mortgage on the property. At the close of escrow, what is the correct order in which to record the documents? OA. The assumption mortgage, the deed, the purchase-money second mortgage. B. The deed, release of existing second mortgage, assumption agreement, purchase-money mortgage. Oc. The purchase-money second mortgage, the deed D. The release of existing second mortgage the deed, the purchase-money second mortgage O B
Expert Answer:
Answer rating: 100% (QA)
The correct answer is b The deed release of existing second mortgage assumpt... View the full answer
Related Book For
Business Law Principles and Practices
ISBN: 978-1133586562
9th edition
Authors: Arnold J. Goldman, William D. Sigismond
Posted Date:
Students also viewed these accounting questions
-
Accounting $ $ Revenue 2 655 000 Purchases 1 669 000 Inventories( 1 January 2019) 444 000 Distribution costs 514 000 Administrative expenses 345 000 Debenture interest 3000 Rental income 48 000 Land...
-
Elliott is cleaning out his Vendors List. What should he do with vendors he hasn't worked with in some time and doesn't expect to work with again? A. Delete them B. Change them to customers C. Merge...
-
Your client purchases a residential property on June 1, 2020. The cost of the property (land and building) is $476,000. The land value is approximately 20% of the total cost. Your client spends...
-
Avishek has $49,583.72 and wants to buy a T-bill with a face value of $50,000.00 that matures on 2020-04-17. The annual simple interest rate is 3.000% and the daycount convention is ACT / 360. What...
-
What do the terms "animosity" and "ethnocentrism" mean?
-
Microtargeting is a controversial persuasive technique. Advertisers are trying to sweet-talk Internet users into allowing them to harvest their location information, browser history, and other...
-
A fluid with a density of \(2000 \mathrm{~kg} / \mathrm{m}^{3}\) flows steadily between two flat plates as shown in Fig. P6.23. The bottom plate is fixed and the top one moves at a constant speed in...
-
Scripps Health is a long-standing and prominent nonprofit health-based organization that is based in the greater San Diego area. The organization experienced a severe financial downturn that led to...
-
The following information relates to Larkspur Ltd.'s inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,900 $28,500 6 Purchase 35 $1,520...
-
Bills Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting so he hired a friend to keep the books. Unfortunately, William did not review his...
-
Read the following discussion and give response: A perfect example of an ethical business decision made by the firm i worked for was when the company did a voluntary recall on thousands and thousands...
-
A major sports league, comprised of 200 players, reported a loss of $580 million this year. The sports league has yearly fixed costs of $700 million. The league is considering shutting down for the...
-
5. The distance between the base line and the net (height 0.9 m) on a tennis court is 11.7 m. In serving the ball, a player strikes the ball at a position 2.55 m directly above the baseline such that...
-
The electric field line drawing of three charges is shown in the figure. If the charge 1 has a value of q, what are the values of charge 2 and 3 (in terms of q)?
-
The demand and supply schedule of 'Pizza by the Bay is given below: Price (Rand/pizza) 140 120 100 80 60 40 20 Quantity Demanded (Millions per week) 50 100 200 300 400 500 600 Quantity supplied...
-
1-Explain how goal-setting theory works. How is goal setting different from merely asking a worker to do your best? 2-What activities do managers perform? What activities do leaders perform? Do...
-
1. II) A 20-lb projectile is moving with a velocity of 100 ft/s when it explodes into 5 and 15-lb fragments. Immediately after the explosion, the fragments travel in the directions q = 45 and qB =...
-
Difference between truncate & delete
-
Power, age 17, purchased an automobile insurance policy from Allstate Insurance Company but rejected the underinsured motorist clause. Shortly after the policy was issued, Power, now an adult, was...
-
Susan and Ann, close friends, took out insurance policies on each others life, each being the beneficiary of the others policy. When Susan died, the insurance company refused to pay the proceeds to...
-
Marshall, age 17, was ejected from his parents home shortly after his graduation from high school. He then rented an apartment with Fletcher, a girlfriend. They signed a lease together, and Marshall...
-
Basic Chemicals Ltd produces a highly flammable chemical product. The company experienced a flood on 1 April 2025 that destroyed its entire work in process inventory but did not affect the raw...
-
Cold Appliances Pty Ltd makes refrigerators and is trying to determine the cost of its ending work in process. The accountant has put together the following data for the year ended 30 June 2025. Each...
-
An apparatus for measuring thermal conductivity employs an electrical heater sandwiched between two identical samples of diameter \(25 \mathrm{~mm}\) and length \(60 \mathrm{~mm}\), which are pressed...
Study smarter with the SolutionInn App