Calculate the amount of money to be included on the CD for the following

scenario: Purchase price is $205,000. Loan amount is $190,000. The per diem interest on buyer's loan is $23.61. The lender is collecting a 1-point loan discount at closing. Closing occurs on May 15. County real property taxes are $2,531 for the year and city real property taxes are $1,978 for the year. Seller has not yet paid the real property taxes for the year. Treat closing day as a buyer day for any prorations. The borrower's warranty deed and security deed will need to be recorded in the public records. Calculate the following amounts and think about where they would go on the CD and the ALTA SS:

1. Transfer tax

2. Intangible tax

3. Pre-paid interest on buyer's loan

4. Loan discount fee

5. Prorations for county and city real property taxes

6. Recording fees

Answer rating: 100% (QA)

Here are the calculations for the amounts to be included on the CD 1 Transfer Tax Transfer Tax Purch... View the full answer