A sale of property goes through many phases before the new owner moves into a house. Which of the following dates is the executed transaction date and why did you choose that date?

January 5 – the property is listed

March 1 – the seller accepts the offer

March 29 – new loan papers are signed by the buyer

March 30 – buyer receives settlement statement and all monies are deposited into escrow

March 31 – grant deed and trust deed are recorded

April 1 – broker gets commission

April 15 – seller moves out of the house

April 21 – the buyer moves into the house

B. If the seller of a property has paid both the 1st and 2nd installments of the property taxes for a total annual bill of $3,480, what is the proration of property taxes for both seller and buyer if escrow closes on April 1? Show your calculations.

Part 2

1. Define an adjustable rate mortgage and all its key terms such as index, adjustable interval, etc. Then, search the internet and provide an example of an ARM.
2. What is the cost of 2 points on a $300,000 loan? Show calculations.

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