Expert Feed back on these terms...R they fair what Should i ask

[Reginald Charles]

My seller is a 77 year old landlord looking to retire I promised him that I was going to get him the cash 

My HML is shiwing interest and Sent me this the other day...

Amount: $100,000 (net)

Term: 30 year term/amortization; 5 year fixed

Int. Rate: 7.29%

Points: 2.0
Collateral: Subject Property and Personal Guaranty

Submission/Processing/Underwriting: (1 pt.) $1,425.00

* All of the above are subject to underwriting...are these fair and what other options and/or questions should i be asking for