At a Florida closing, the buyer's final walk-through reveals that the seller removed a ceiling fan that was specifically included in the purchase agreement. The fan was valued at $300. What is the most appropriate resolution?
Correct Answer
B) Credit the buyer $300 from the seller's proceeds at closing
Correct: B - Credit the buyer $300 from the seller's proceeds at closing. A monetary credit equal to the fan's value is the most practical solution that allows closing to proceed while compensating the buyer. Why not A: This option is incorrect because "Proceed with closing as personal property disputes should be handled post-closing" does not match the rule tested by the question. The correct answer is "Credit the buyer $300 from the seller's proceeds at closing". A monetary credit equal to the fan's value is the most practical solution that allows closing to proceed while compensating the buyer. Why not C: This option is incorrect because "Require the seller to reinstall an equivalent ceiling fan before closing" does not match the rule tested by the question. The correct answer is "Credit the buyer $300 from the seller's proceeds at closing". A monetary credit equal to the fan's value is the most practical solution that allows closing to proceed while compensating the buyer. Why not D: This option is incorrect because "Reduce the purchase price by $300 and amend all closing documents" does not match the rule tested by the question. The correct answer is "Credit the buyer $300 from the seller's proceeds at closing". A monetary credit equal to the fan's value is the most practical solution that allows closing to proceed while compensating the buyer.
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- → A buyer in Palm Beach County is purchasing a waterfront home for $850,000 with a jumbo loan of $650,000. The lender charges 1.5% origination fee, 0.75% discount points, and a $1,200 underwriting fee. The documentary stamp tax on the deed is $3.00 per $1,000, and intangible tax on the mortgage is $2.00 per $1,000. If the buyer pays all lender fees and intangible tax, while the seller pays deed stamps, what is the buyer's total cost for these items?
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A Florida property closes on June 18th. The seller has a homeowner's insurance policy with an annual premium of $2,400 paid through December 31st. Using the 365-day method, what credit should the seller receive for the unused portion of the insurance?
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In Florida real estate transactions, what is the primary purpose of the closing disclosure (CD) that buyers must receive?