Study Guide Flashcards
What does the seller pay at settlement?
CMEDIC
C:Commmission
M: Mortgage/Deed of Trust
E: Excise Tax
D: Deed Preparation
I: Interim Interest
C: Courier Fee
Closing Disclosure must be receive how many days prior
3
Why do we use an addendum?
Because there is a change
Who needs a copy of an addendum?
All parties in the transaction
Additional provisions addendums is used for
Adding additional things to a contract
Lead based paint that is undisturbed is
Not a hazard
Lead based paint 1978 prior
Buyer should receive pamphlets, brochure
Who can draft contracts
Attorneys
When is an electronic communication considered delivered?
When it is received by the server
Four Essentials for a Contract
CLAP
Consideration
Legal Purpose
Agreement of Parties
Parties have to be Competent
Four Essential for a Lease
Consideration
Agreement of Parties
Legal Capacity
Legal Objective/Purpose
What is a voided contract
When something is missing in CLAP and lacks one of the voidable items
Voidable means
Able to void
An option to purchase is
Unilateral
What is the requirement for a subdivision
Utilities and Service
What is owner finance
Installment Land Contract
Contract for Deed
Assumable Loan
Taxes come out when
The end of the year Feb. 15th
What is the mailbox rule
When it is placed in the mailbox
Delay of Settlement is
7 days
NC requires who to close
A settlement attorney
Excise Tax
Round up tp $500
ROUND UP TO $500 THEN DIVIDE BY $500 AND MULTIPLY BY $1
BUYER PURCHASE PRCE
EMD-DDF= amount owed
Response to buyers offer is what form
Form $340
How to calculate Interim Interest
Loan Amount x Rate/365 x of days both parties pay interest
