Using the information provided, complete Figure 1.1, Sellers Net Worksheet.

John is selling his home at 123 Main Street, Any town, IL. Anita, a local broker, has taken the listing. Anita recommends that a seller net worksheet be filled out to give John a good idea of where he stands in terms of the cashe he should expect at the closing. The following figures represent the sales data. The seller net worksheet should be used to tell John where he stands. Will he make money on the day of closing, or will he owe money?

Sales price: $215,000

Date of sale: June 15

Real estate commission: 5 percent

First mortgage payoff: $150,000

Estimated repairs (paid by seller): $5,000

Transfer tax (state and county): $0.50 per $500, and in all Illinois counties, there is an additional transfer tax of $0.25 per $500. Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof.

Ad valorem tax: $2,400 (paid in arrears; debit to seller); use the statutory month method

Title charges: $1,200

Attorney fee: $500

Figure 1.1 | Sellers Net Worksheet

The figures calculated below are only an approximation of net cash upon closing. Although every effort has been made to allow for variances and accuracy, we cannot guarantee same.

Property :____________________________________________________________ Client: ______________________________________________________________ Date: _______________________________________________________________ Sales Price $ ______________ Sellers Customary Expenses (see line 9) $ ______________ Less Commision to Sellers Broker $ ______________ Less Commission to Buyers Broker $ ______________ Loan Discount Points (If Any) $ ______________ First Mortgage Payoff $ ______________ Estimated Repairs (If Any) $ ______________ Other Liens/Deductions $ ______________ Explanation of Sellers Closing Expenses $ ______________ Transfer Tax Stamps $_______ Title Charges $_______ Inspections $_______ Attorney $_______ Survey $_______ Home Warranty Fee $_______ Total $_______ Net Cash to Seller $_______________