Question
You are working on the closing of a sale of a home. The sale price is $86,500. The seller must pay a 6% commission to
You are working on the closing of a sale of a home. The sale price is $86,500. The seller must pay a 6% commission to her broker, and other closing costs of $600.00. The balance of the seller's mortgage loan on the property to be paid to the bank at closing is $28,400.00. The closing is taking place on August 15. The seller has not paid the real estate taxes assessed for the calendar year in the amount of $2,150.00, so there will be a tax adjustment. After you prepare the closing disclosure for the closing, how much will you tell the seller she will be receiving as her proceeds at the closing?
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