POL 380 Real Property Law Section I Assignment
I need assistance with my POL 380 Real Property Law assignment, which involves researching properties for sale in Fargo, ND. The task requires choosing one property from each of the following categories: Single Family House, Condominium/Townhouse, and Manufactured Home. For each property, I need details on the purchase price (both actual and per square foot), square footage, number of bedrooms, bathrooms, garage/parking spaces, and the year it was built. I also need to check the property on FargoParcels.com for information about the current owner, property tax assessment, special assessments, floodplain status, HOA fees (for condos), insurance costs, and any property restrictions.
Next, I need to compare these properties with at least two others in the same neighborhood to assess whether the price per square foot is comparable or if there are major differences. I also need to consider three different ownership scenarios: 1) a non-romantic roommate, 2) a romantic partner, and 3) a spouse. For each, I need to determine the appropriate deed arrangement (e.g., Tenants in Common or Joint Tenancy), how succession should be handled, and the implications of financial contributions, especially since I will be providing the down payment while my friend/spouse has limited resources.
POL 380 Real Property Law Section II Assignment
In this assignment, you will build on your previous research of properties in Fargo, ND, focusing on financial calculations. Start by making an initial offer of 95% of the asking price for each property (single-family house, condo/townhouse, manufactured home). You’ll then calculate the 20% down payment and the mortgage amount needed.
Next, using an amortization calculator, compute monthly payments for both 15-year and 30-year mortgages, and determine the equity built in the first three years for each option. Factor in property taxes and insurance to calculate your final monthly payment (PITI) for each property.
You'll also account for closing costs (inspection, title search) and determine the income needed to afford the mortgage. Consider how your income situation (with a roommate, partner, or spouse) affects lender requirements.
Set aside 5-10% of the home’s value annually for repairs and maintenance. Then, compare the cost of renting similar properties in Fargo to buying, including appreciation rates. Finally, reflect on the emotional and financial aspects of renting versus buying.
Please make sure to organize the information clearly and provide citations for each property researched. Let me know if anything is unclear, and thank you for your help!