Given that the renter paid rent to the seller on the first of the month escrow is to close, is the seller due a credit for prorated rent at close of escrow and if so how much? How much is the buyers monthly payment, given that the loan is a straight note, when is the principle (amount borrowed on note) due?

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Words: 302
Pages: 2
Subject: Architecture, Business, Do My assignment
Topics: Purchase Terms, Real Estate Transaction, Rental Property

Assignment Question

After reviewing the book and powerpoint material for Chapters 9, 10, and 13, please type a brief paper answering the questions presented in the following scenario. You are the listing agent for a rental property in Sylmar whose seller just accepted an offer at a purchase price of $945,000. The buyers plan to keep the property as a rental allowing the current tenants to continue their tenancy since they are paying a monthly rental amount of $3,000 per month.

The terms of the buyers purchase are as follows: 30 day escrow scheduled to close on the 15th of the following month. Buyer is financing 50% of the purchase amount with a 10 year straight note, and paying the other 50% out of pocket. The interest rate for the loan is at 8% rate with an APR of 8.63 Given that the renter paid rent to the seller on the first of the month escrow is to close, is the seller due a credit for prorated rent at close of escrow and if so how much? How much is the buyers monthly payment, given that the loan is a straight note, when is the principle (amount borrowed on note) due? What is the difference between the “Rate” and “APR” NOTE: The use of Artificial Intelligence (AI) to assist in the writing of this Assignment is prohibited. Software will be utilized to detect any use of AI.

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