Fill out the HUD 1 - Escrow Closing Statement. Closing Date: May 1, 2015 Sales Price:
Question:
Fill out the HUD 1 - Escrow Closing Statement.
Closing Date: May 1, 2015
• Sales Price: $1,000,000 - Downpayment $200,000
• Earnest Money Deposit: 30,000
• Financing - $800,0000 new conventional loan at 3.50% interest; 1% loan origination fee
Monthly payments of :$3592.00 - Interest $2,333(1st Month) - Principal $1,259 (1st mo.)
• Bank to collect pre-paid interim interest for April 2015 - $2,333.00 paid by Buyer
• Brokerage Commission – 6% of sales price
• Seller’s loan payoff as of closing date - $245,000 (includes unpaid interest of $4000)
• Homeowner’s insurance policy – premium for first year $1200 - Period of 11/1/2014- 10/31/2015 - Already paid by Seller - Buyer to Reimburse Seller
• Real Property Taxes – Taxes for the year have been paid. Taxes were $4,000 for the year
• Supplemental Property Taxes: $2,000 - Approximately for 5/1/2015-6/30/2015
• Appraisal Report - $500 paid at the time of loan application, paid by Buyer
• Attorney Fee - $900.00 paid by Seller
• Loan Documentation Fee: $800.00 paid by Buyer
• Deed Preparation - $200 paid by Seller
• Recording fees: Deed $40, Mortgage $50, Loan Cancellation $20 paid by Seller
• Title Insurance - $2500 paid by Seller & Buyer equally
• Escrow Fee: $12,000 paid by 1/3 by Buyer 2/3 by Seller
• Termite Report - $400 paid by Seller
• Survey - $500 paid by Buyer Seller equally
• Fed Ex fee (mailing to buyer’s lender) $35 - paid by Buyer
• Fed Ex fee (mailing payoff to seller’s lender) $35 - paid by Seller
• County Transfer Tax Fees: $1.10 for every $1000 to be paid by Seller -
• City Transfer Tax Fees: $2.50 for every $1000 to be paid by Seller
Seller: Jane Seller Buyer: James Buyer
Property Address: 100 Main Street, Los Angeles, CA
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann