A client named Miata walks into your firm one day and asks for your assistance in the following situation:
Miata has purchased Golden Glen, an unimproved four acre parcel, from Mr. Dwell. Dwell's family has owned the property since the early 1900’s. Miata is going to finance the purchase of the property through a construction loan in the amount of $400,000. This amount will allow Miata to acquire the property and construct a five unit housing complex on the Golden Glen property. The lender is Bank of Glen, who is very active in the real estate lending business, with an annual residential lending average in the ballpark of $50 million. Upon completion of the house, Bank of Glen has agreed to convert the construction loan into a permanent loan.
Prepare a short memorandum for her on the impact of any applicable government regulations involved with this closing.
In your 1-2 page double-spaced APA Style memorandum, discuss the application of RESPA to this instant loan and any disclosures or prohibitions required.
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Criteria |
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1. |
Memorandum defines RESPA and discusses when it applies. |
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2. |
Memorandum analyzes which transactions subject to RESPA apply in this scenario. |
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3. |
Memorandum analyzes which exemptions from RESPA apply in this scenario. |
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4. |
Memorandum details required disclosures and prohibitions. |
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5. |
Memo is 1-2 pages double-spaced in APA Style and free from significant errors that would impede understanding. |
Please cite the book (attached chapter) at least 2x.
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