Question
On June 15, Jane and Jerry Jones (Sellers) listed their Flagstaff home for $399,500 with Re/Max Peak Properties and agreed to pay a 6% commission
On June 15, Jane and Jerry Jones (Sellers) listed their Flagstaff home for $399,500 with Re/Max Peak Properties and agreed to pay a 6% commission on the sale price. They have a mortgage for $361,000 remaining on the home.
Sam and Sue Smith (Buyers) offered 3% less than the listed price. The offer was accepted by Jane and Jerry. At that time, the Buyers put down $1,000 of earnest money.
The Buyers will put 20% down and finance the rest through EverBank. The sale will close on July 1st at which time the Buyers will take possession. EverBank 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.
Taxes for the current year were $1,500 and were paid in full by the Sellers.
The Buyers title insurance policy will cost $800, and the Sellers title insurance policy will be $1,690.
Homeowners insurance will cost the Buyers $350.
Recording the deed will cost $50 (equally split between the Buyers and Sellers).
Endorsements of $150 would be paid by the Buyers.
Courier fees will be $25 for the Buyers and $25 for the Sellers.
All pro-rations are based on a 30-day month.
Please fill out the table below based on the given information
| Description | Cash | Description | Cash | |
| Contract Sales Price | Contract Sales Price | |||
| Settlement Charges | Gross Amount Due to Seller | |||
| Items Payable in Connection with a Loan | ||||
| Loan Origination Fee | Reductions in Amount Due Seller | |||
| Appraisal Fee | Brokerage Commission | |||
| Homeowner's Insurance | Payoff of Mortgage Loan |
| ||
| Credit Report | ||||
| Title Charges | ||||
| Title Charges | Title Service and Title Insurance |
| ||
| Title Service and Title Insurance | Deed Preparation | |||
| Deed Preparation | ||||
| Government Recording Charges: | ||||
| Government Recording Charges: | Courier Fees | |||
| Endorsements | ||||
| Courier Fees | Adjustments for Items OverPaid by Seller | |||
| County Taxes | ||||
| Gross Amount Due from Borrower | ||||
| Total Reductions in Amount Due Seller | ||||
| Amounts Paid by or on Behalf of Borrower | ||||
| Deposit of Earnest Money |
| Gross Amount Due to Seller | ||
| Principal Amount of New Loan | Less Reductions in Amount Due Seller | |||
| Cash at Settlement to Seller | ||||
| Adjustments for Items OverPaid by Seller | ||||
| County Taxes | Total Expenses | |||
| Purchase Price | ||||
| Total Paid by the Borrower | Expenses as % of Price | |||
| Gross Amount Due from Borrower | ||||
| Less: Total Paid by the Borrower | ||||
| Cash at Settlement from Borrower | ||||
| Total Expenses | ||||
| Purchase Price | ||||
| Expenses as % of Price |
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