- 24 -
property. Each statement also shows the builder fee, the
rent advance, and the rental deficit contribution as
charges to the seller, Fox & Jacobs, and, thus, as
reductions of the amount due to Fox & Jacobs. Each
statement also shows the total of the "amounts paid by/for"
EA 83-XII, as consisting principally of the loan proceeds
and the sum of the builder fees, rent advances, and rental
deficit contributions. The total of these amounts
exceeded the amount due from EA 83-XII. Set out below is
a summary of the settlement statements showing that a total
of $92,331.55 had been overpaid by or on behalf of the
buyer, EA 83-XII:
Fox & Jacobs, Inc. Buyer Seller
Contract sales price $394,600.00 $394,600.00
Settlement charges to buyer 1,794.25 ___________
Gross amount due 396,394.25 394,600.00
Principal amount of loans374,850.00
Builder fee 26,832.80 26,832.80
Rent advance 12,075.00 12,075.00
Rental deficit contribution67,643.00 67,643.00
Other credits 7,325.00 7,325.00
Settlement charges to seller __________ 6,026.94
Total credits 488,725.80 119,902.74
Amount due buyer 92,331.55
Amount due seller 274,697.26
According to the settlement statements, the aggregate
principal amount of the loans, $374,850, was credited as
follows:
Page: Previous 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 NextLast modified: May 25, 2011