James and Debra Reid purchased a home for $623,000 in January 2014. They put down $62,300 and financed the remainder with Fifth Third Bank. Fifth Third Bank recorded its mortgage on February 1, 2014. On March 31, 2014, the Reids purchased a swimming pool and the pool contractors, Cristoria Pools, financed the construction for $45.000. Cristoria recorded a second mortgage on the property on April
15, 2014. On December 15, 2014, the Reids sold their house to the Griffins for $720,000. The Griffins put $120,000 down and agreed to pay the Reids for the existing mortgage in wrap-around. The mortgage balance at the time of the sale was $619,000. The balance on the Cristoria mortgage was $42,000. On August 15, 2015, the Griffins defaulted on their payments. The Reids had already purchased another home and were unable to make the payments on the home. Fifth Third Bank foreclosed on the mortgage. Who has third priority after expenses are paid?
A)?Fifth Third Bank
B)?Cristoria Pools
C)?The Reids
D)?The Griffins
C
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Crystal has received a special order for 2,000 units of its product. The product normally sells for $200 and has the following manufacturing costs: Per unitDirect materials $60Direct labor 40Variable manufacturing overhead 30Fixed manufacturing overhead 20Unit cost $150 Crystal is currently operating at full capacity and cannot fill the order without harming normal production and sales. What minimum price should Crystal charge to earn an incremental profit of $50,000?
A. $225 B. $175 C. $200 D. $155
George transfers property to an irrevocable trust for the benefit of his adult children and names himself as trustee. The trust document requires the trustee to distribute trust property to the beneficiaries at the trustee's discretion with the possibility of no distribution to certain beneficiaries as the trustee deems appropriate. The trust will terminate at the end of nine years, and the
property will pass to George's children. Which of the following statements is correct? A) The beneficiaries receive a present interest in the trust property when George transfers the assets to the trust. B) The transfer by George is eligible for the annual gift tax exclusion. C) George's transfer of property to the trust is not taxed under gift tax rules at the date of transfer. D) George's transfer of property to the trust is a gift of a future interest.
Anti-SLAPP laws can identify whether there are any merits to a lawsuit
a. True b. False Indicate whether the statement is true or false
Which of the following forms of co-ownership of real property applies only to married couples?
A. joint tenancy B. community property C. tenancy in common D. condominium