Question
You are assisting in the closing of the sale of a home. The contract price for the home is $86,500. The seller owes a real
You are assisting in the closing of the sale of a home. The contract price for the home is $86,500. The seller owes a real estate broker a commission of 6 percent of the sales price and other closing costs of $600. In addition, an outstanding loan on the property in the amount of $28,400 is to be paid at closing. In addition, real property taxes for the current year in the amount of $2150 are unpaid. The tax year is the calendar year, and the closing is taking place on August 15. In preparing the Uniform Settlement Statement, how much net money would the seller take home from the closing? Please show all work.
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