. 2. On the Closing tab of the spreadsheet, complete the Buyer's and Sellers' closing statements based on the following data: On June 15, Wilbur and Wilma Wildcat (Sellers) listed their Flagstaff rental property for $285,000 with Re/Max Peak Properties and agreed to pay a 6% commission on the sale price. They have a mortgage for $140,000 remaining on the home. You offered $270,000 and Wilbur and Wilma accepted the offer. At that time, you put down $1,000 of earnest money. You will put 20% down and finance the rest through Bear Down Bank with a 15-year mortgage at a fixed rate of 4.75%. The sale will close on July 1st at which time you will take possession. Bear Down requires a loan origination fee of 1% of the value of the loan along with a property appraisal which will cost $400 and a credit report at a cost of $25. Property taxes for the current year were $1,264 and were paid in full by the Sellers. The Buyer's title insurance policy will cost $800, and the Sellers' title insurance policy will be $1,690. Homeowner's insurance will cost the Buyer $1,586. Recording the deed will cost $50 (equally split between the Buyer and Sellers). Endorsements of $150 would be paid by the Buyer. Courier fees will be $25 for the Buyer and $25 for the Sellers. All prorations are based on a 30-day month. Calculate the costs to the Buyer and the Sellers as a percentage of the purchase/sales price. . . . . . Summary of Buyer's Transaction Description Contract Purchase Price Summary of Sellers' Transaction Description Contract Purchase Price Cash 270,000.00 Cash Gross Amount Due to Seller Settlement Charges Items Payable in Connection with a Loan Loan Origination Fee Appraisal Fee Homeowner's Insurance Credit Report 400.00 1,586.00 25.00 Reductions in Amount Due Seller Brokerage Commission Payoff of Mortgage Loan 140,000.00 Title Charges Title Service and Title Insurance Deed Preparation Title Charges Title Service and Title Insurance Deed Preparation 25.00 Government Recording Charges: Courier Fees 25.00 Government Recording Charges: Endorsements Courier Fees 150.00 25.00 Adjustments for Items OverPaid by Seller Propery Taxes * 1,264.00 Gross Amount Due from Borrower Total Reductions in Amount Due Seller Amounts Paid by or on Behalf of Borrower Deposit of Earnest Money Principal Amount of New Loan 1,000.00 Gross Amount Due to Seller Less Reductions in Amount Due Seller Cash at Settlement to Seller Adjustments for Items OverPaid by Seller Property Taxes * Total Expenses Purchase Price Expenses as % of Price Total Paid by the Borrower Gross Amount Due from Borrower Less: Total Paid by the Borrower Cash at Settlement from Borrower Total Expenses Purchase Price Expenses as % of Price * As the closing date does not often coincide with the due date for property taxes, a portion of the annual property taxes is usually prorated between the buyer and the seller. In this case, the full year of taxes was paid by the seller on January 1st. They owned the home for only half of the year, so 50% of the taxes must be returned to the seller from the buyer