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The Deal
The buyer & seller agreed to a purchase price of $299,000, with a $75,000 deposit, an 8-month escrow and a “penalty” fee of $81/day to be paid to the seller at the end of the escrow period if the balance payment cannot be raised by close of escrow. The escrow period began on April 26, 2011. The end date is on December 26, 2011 (250 days later). In addition, the buyer will pay for all closing costs. Finally, the MRCA requires a property maintenance fund and reimbursement for legal fees.
The Numbers
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| Purchase Price |
$299,000 |
| MRCA Maintenance Fund |
25,000 |
| MRCA Legal Fees |
6,000 |
| Estimated Expenses |
5,000 |
| Estimated Closing Costs |
5,000 |
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| Total |
$340,000 |
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