Two distinct options for the purchase of the property:
1. The Buyer may purchase 13. 25 acres, including the Homestead, while simultaneously granting a life estate to the current resident. This life estate shall remain in effect for the duration of the resident's life and will be determined by a newly surveyed portion of the land. Upon the termination of the life estate, the Trust shall be given 90 days to vacate the property in full, following which the Buyer shall assume total control of all assets.
2. Alternatively, the Buyer may purchase a defined portion of the existing acreage, excluding the Homestead, for their intended use. This portion of land shall include appropriate ingress and egress, and its boundaries must be determined by a new survey for clarity. The sale will be for a pro-rated and mutually agreed-upon amount. Additionally, the Buyer shall obtain an option from the Seller for a non-refundable sum mutually agreed upon by both parties. Upon the death of the current resident, the Trust shall deliver the opportunity for the Buyer to exercise this option. The Buyer shall have seven business days to declare their intent to exercise the option. If no response is provided within this period, the Buyer’s interest shall be deemed abandoned, releasing the Trustee and all designated parties from any further commitment or obligation to the option. As a result, the Trustee shall be free to list the Homestead and associated ingress/egress for sale. The listing price shall be established based on the total acreage and Homestead. A life estate must be granted to the current resident until their death.
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William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $672,000 | $672,000 | $672,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.750% | 6.625% | 6.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.321% | 6.750% | 7.038% |
Monthly Tax Payment | $897 | $897 | $897 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $4,359 | $4,303 | $5,947 |
Total Monthly Payment | $5,348 | $5,292 | $6,936 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.