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29 October, 03:50

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

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  1. 29 October, 03:54
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    The total cash due from the buyer at closing is $ 32700.

    Explanation:

    The total cash due from the buyer at closing is given by the sum of: the cost of the property plus the closing cost, minus the remaining balance of the first loan minus the note and deed of trust. So, we have:

    Total_Cash = 150000+2500-89800-30000

    Total_Cash = $ 32700

    The total cash due from the buyer at closing is $ 32700.
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