Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Bank Credit Analysis Handbook

Authors: Jonathan Golin, Philippe Delhaise

2nd Edition

ISBN: 0470821574, 978-0470821572

More Books

Students also viewed these Finance questions