Sales Associate Ann knows of a builder who has a very desirable lot, purchased last year for $75,000. The builder intended to build a spec house, but the market is slower and the builder does not want to build at this time. Ann has a buyer client that has agreed to pay $69,000 cash and all of the closing costs. The buyer will also pay a three per cent commission to Ann's brokerage firm and be responsible for the total stamp taxes to be paid to the state. Last years taxes are deficient; the builder will pay the deficient amount for last year's taxes. The builder and Ann's buyer execute a contract and closing is September 1. Prorate using a 365 day year. The day of closing goes to the buyer. Purchase Price: $69,000 Taxes for current year: $1,204 Last year's unpaid taxes: $1,100 Ann's split with broker: 75% to Ann; 25% to broker Title Insurance: $682 - paid by the seller Attorney's fees: $300 - split between the seller and buyer Escrow Paid: $200 Recording: $19. What would be the buyer's cash to close for this sale?
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Sales Associate Ann knows of a builder who has a very desirable lot, purchased last year for $75,000...
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