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vfiekz [6]
3 years ago
7

A property is sold for $150,000 with the buyer agrees to assume an existing loan of $98,000 and executing a second note and deed

of trust to the seller for $30,000. The purchase contract states that the unpaid balance of any existing loan is approximate and at closing any differences shall be reflected in cash. If the buyers closing costs are $2,500 and the remaining balance of the first loan is $89,800, what is the total cash due from the buyer at closing?
Business
1 answer:
kati45 [8]3 years ago
5 0

Answer:

The total cash due from the buyer at closing is $ 32700.

Explanation:

The total cash due from the buyer at closing is given by the sum of: the cost of the property plus the closing cost, minus the remaining balance of the first loan minus the note and deed of trust. So, we have:

Total_Cash= 150000+2500-89800-30000

Total_Cash= $ 32700

The total cash due from the buyer at closing is $ 32700.

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