This assignment is a portfolio piece. After you receive your instructor’s feedback on your first submission, you will revise it for inclusion in your final portfolio.
Prepare a HUD-1 Settlement Statement for a transaction with the following closing information:
Property Address: 123 Nancy Drive, Anytown, ST 06106
Current Owners: Patricia F. and Mark Franack
Estate or interest: Fee simple absolute
Source of Title: Warranty deed in survivorship from Ronald L. Carson and Patricia Carson dated and recorded December 27, 2007 in Volume 814, Page 97 of the Anytown Land Records
Description of Property: See Schedule C
Outstanding Encumbrances:
Taxes to the Town of Anytown on the list of October of the current year not yet due and payable.
Mortgage in favor of Countrywide Mortgage Co. dated and recorded December 27, 2007 in Volume 814 Page 97 of the Anytown Land Records. The principlal amount of the mortgage is $137,000.
Easement in favor of Conn. Light & Power Co. date and recorded January 23, 1999 in Volume 745 Page 67.
Deposit: $5,000
Taxes: 10-1 (last year) list due July (this year) and January (next year) = $4,266.96 = $355.58 per month; $4092 for 10-1 (two years ago) list $11.21 per diem
Oil $275 gallons $2.16 per gallon
Real Estate Commission = 6%; co=broke The Real Estate Agency and Century 22.
Existing mortgage to be released by Society for Lending; $137,126.32 through May 10, (current year); $30.05 per diem
New Mortgage: Savings Bank of Niford $270,000 at 6% plus 1 point, 1 point due. Per diem interest $44.38; application and appraisal fee $325, paid outside of closing; credit report fee $75 due.
Lender’s Attorney’s Fees: Alic Justice, Esq., Justice & Honor, P.C., 1 Office Park, Harfort Ct. 06103, $300 document preparation, $250 settlement fee.
Buyers’ Attorney Fees: Attorney Valeria Matthews, $150 title examination, $500 personal representation.
Sellers’ Attorney Fees: Attorney Chris Pines, $600 personal representation.
Recording fees: 2 page warranty deed, 16 page mortgage deed, 1 page release of mortgage; (Collect recording fee for release at closing).
Hazard insurance premium = $528/year to Security Insurance Company.
Title Insurance Policy = $1,164 for Owners’ Policy; $898 for Lender’s Policy.
Bug-Off Corp. $100 for pest inspection.
Sound Home, Inc. – structural inspection $400
Susie surveyor, A-2 Survey $1,200
