Using Word create two tables to use for the Buyer's Estimated Net Cost worksheet and the Seller's Estimated Net Proceed's worksheet. You can also use the blank worksheets in your textbook and take a picture to upload to Canvas. Fill in the two blank worksheets, Buyers Estimated Net Cost and Sellers Estimated Net Proceeds, based on the information below.

You must decide which amounts are credits or debits for the seller or the buyer, prorate certain expenses between the two parties, and calculate the brokers commission. (For proration purposes, use a 365-day year.)

Data

Purchase price for the home.....................................................$500,000.00 Brokers commission............................................................................... 6% Closing date ................................................................................... May 1st Escrow fees ....................................................................................$500.00 Property taxes (seller has paid taxes through end of tax year) .........$6,500.00 Good faith deposit ....................................................................$20,000.00 Purchase loan .........................................................................$450,000.00 Appraisal fee..................................................................................$400.00 Credit report fee...............................................................................$75.00 Origination fee............................................................................$4,500.00 Discount points..........................................................................$27,000.00 Prepaid interest ...........................................................................$2,200.00 Lenders title insurance ...................................................................$900.00 Inspection fees (to be paid by buyer)................................................$600.00 Hazard insurance ...........................................................................$475.00 Buyers attorneys fees ....................................................................$350.00 Buyers recording fees ......................................................................$50.00 Existing loan reserve account credit .................................................$900.00 Existing loan payoff .................................................................$250,000.00 Interest due on existing loan............................................................$850.00 Prepayment penalty on existing loan....................................................$0.00 Other liens and assessments ...............................................................$0.00 Owners title insurance ...................................................................$725.00 Seller-paid discount points ..................................................................$0.00 Documentary transfer tax ................................................................$550.00 Required home repairs (to be paid by seller) .................................$4,500.00 Sellers attorneys fees ........................................................................$0.00 Sellers recording fees.......................................................................$35.00

Seller's Estimated Net Proceeds Sales Price Prorated property taxes (credit) Reserve account (credit) Total Proceeds to Seller Seller's Closing Costs Loan payoff Interest due on loan Prepayment penalty Other liens and assessments Brokerage commission Owner's title insurance Seller-paid discount points Documentary transfer tax Repairs Attorney's fees Recording fees Escrow fee Estimated Net Proceeds