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April 16, 2014

Homework Help: real estate finance

Posted by tmouery on Thursday, April 11, 2013 at 11:07am.

A property sells for $125,000 and the homeowner has a mortgage balance in the amount of $65,000. The seller is to pay the buyer's expenses in the amount of $1,000. Seller and buyer agree to close on November 18, 2012. Seller's annual propert taxes are $2,200.
The other seller expenses include: transfer fee of 2 mills, home warranty $375.00, real estate commission of 5%, title charges $1100, deed preparation $75.00, and miscellaneous charges of $300.00. Buyer's Good Faith Estimate of closing costs show $3,100.
With this information, answer the following questions:

3. What is the buyer's share of closing costs to be paid by the buyer at closing?

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