![]() ![]() What would be the best response from Lucy? He is concerned that the lender may want him to pay for many months in advance, which could get quite expensive. He understands that this payment will cover homeowners insurance, mortgage insurance, and property taxes for several months. Rao is concerned about the initial escrow payment at closing. What should Lucy tell him regarding the title? Rao reads the title commitment provided by XYZ Title Company and has questions about whether or not the title is clear. What documentation must the mortgage loan originator provide to the Raos no later than three business days after their mortgage loan application is received? Rao with updates about the closing process, keeping him up to date. The couple have finally decided on a home listed at $350,000, well within their pre-approved budget, and XYZ Title Company received the contract and opened title. Lucy encourages the Raos to educate themselves on the loan process, and informs them that mortgage originators are required to provide them with information and disclosures that will help the Rao family better understand the process. He is especially concerned that they will end up paying excessively high loan fees. Rao wants to compare several loan products because he is concerned about getting the very best value, and wants to make sure that he and Mrs. She advises the couple that the first stop in the process is to get pre-approved for a loan, so that they will know how much house they can afford, and can focus their efforts toward only those properties within their budget. Rao as a buyer's agent in the purchase of their first home in the United States. Manning was found, creating a cloud on the title, what steps might the investor take to ensure the security of his investment? If, prior to the sale of the property, evidence of a common-law marriage existing between Margaret and Mr. ![]() If the real estate investor purchases the home for $350,000 from the grantor, when will the title be conveyed to the grantee? Tyler, being Margaret's only known descendant, will inherit the home: The neighborhood is an older one, and most of the homes have been converted to commercial properties, like law firms and doctor's offices. ![]() A real estate investor would like to purchase the property from Margaret's descendant because the state is constructing a freeway in close proximity to the home, causing property values in the area to increase. He and Margaret never lived under the same roof, no one remembers them actually being a couple, much less "husband and wife," and their finances were never combined, so the common-law marriage cannot be lawfully proven. Manning's claims have been substantiated. He also claims that Margaret made this declaration on many occasions and in the presence of several witnesses. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. She has one son, Tyler, who lives in Maine. Margaret Sullivan died in Texas without a will on file. If the net income of the industrial property the Chenns are purchasing is $89,000, what is the capitalization rate rounded to the nearest percent? If the depreciable improvements on the property they chose are equal to $390,000, how much is per year depreciation? (Remember, commercial property is depreciated over 39 years.) The gross income for the Chenn's quadplex the preceding year was $120,000. Since interest rates are low, the Chenns decide to take out a loan, using leverage instead of cash, in order to increase their return on investment. After attending several seminars on commercial investing, the Chenns decide to buy a light industrial building for $840,000. After paying off the mortgage on the last property, they will have a total of $1,000,000 cash to put towards a new investment. The fourth and last property, a quadplex, was listed by Sam for $575,000. Sam is the license holder who has represented the Chenns in the sale of three of their four rental properties. They recently joined an investor's club and have decided that they like the sound of investing in commercial real estate better than residential. They have grown tired of the constant upkeep and search for tenants that residential rental properties require. They bought in a down market, and rehabilitated each of the properties. Chenn have been investing in residential real estate properties for the last 10 years, at one time owning three quadplexes and one duplex.
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