A property is sold for $150,000 with the buyer agreeing to assume an existing lo

Question

A property is sold for $150,000 with the buyer agreeing 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? A property is sold for $150,000 with the buyer agreeing 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?

Explanation / Answer

Cost of property = $150,000

Less: unpaid balance of Loan assumed 89800

Less: Note and deed of trust 30000

Add: closing costs 2500

Total cash due = $32700

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