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Unit 1 – Questions 6-9

Seller’s Net Worksheet

Mark is selling his home at 123 Main Street in Anytown, Illinois. Amy, a local broker, has taken the listing. Amy recommends that a seller net worksheet be filled out to give John a good idea of how much he might receive from the closing. The following details apply to this transaction:

Sales Price: $215,000
Date of Sale: June 15th
Real Estate Commission: 5%
First Mortgage Payoff: $150,000
Estimated Repairs: $5,000
Transfer Tax : Total of $.75 per $500 for state and county
Ad Valorem Tax: $2,400 (paid in arrears), use the statutory month method
Title Charges: $1,200
Attorney Fee: $500

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