Rasmussen University Closing Statement Memorandum Discussion

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Content

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   Purpose of Assignment: This course project showcases the ability to draft and correct financial issues in a closing statement.Course Competency: Correct financial errors in property and estate planning cases.

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   Instructions

   Content:

   • The firm’s client, Abigail Costello, who you worked with in the previous weeks, has bought a property she believes will appreciate in value, and thus be a wonderful investment for her estate. The firm is tasked with ensuring the closing goes smoothly and according to plan. You have been provided with disclosures located here. Your attorney has tasked you with reviewing the closing statement to ensure that the information is accurate, using the following information:
   • Settlement date = November 25
   • $249,750 = Sale price
   • $2,000 = Real property taxes– paid by seller before closing; prorate at closing.
   • $500 = Due Diligence Fee
   • $2000 = Earnest Money Deposit
   • $138,425 = Seller’s Loan payoff
   • $840 = Private Mortgage Insurance premium
   • $500 = Homeowner’s Insurance premium
   • $85 = Deed preparation fee
   • $500 = Excise tax
   • $450 = Home Warranty – to be paid by Sellers at closing.
   • $20 = Courier fees – overnight to buyer’s lender
   • $350 = Attorney’s Fee
   • $505.40 = Title Insurance – Lender policy
   • $64.60 = Title Insurance – Owner Policy
   • $56 = Recording fees

   • Additional Facts
   • Brokerage commission = 6% of sale price to be divided equally between agents.
   • Appraisal = $450
   • Credit Report = $55
   • Home Inspection = $325
   • Your supervising attorney would like a memo discussing any discrepancies you have found in the closing statement. At the very least you should:
   • Identify any information missing from the closing statement
   • Identify any inaccurate values in the closing statement
   • Provide an explanation of how the inaccuracies will affect the closing process and the client

   Format:

   • Your memo should be 1-2 pages in length, and should contain the following sections:
   • Heading or Caption
   • Facts
   • Issue(s) Presented
   • Answer to Issue
   • Reasoning or Discussion
   • Conclusion