Reference no: EM13825844
On June 15, Jane and Jerry Jones (“Sellers”) listed their Flagstaff home for $399,500 with Re/Max Peak Properties and agreed to pay a 6% commission on the sale price. They have a mortgage for $361,000 remaining on the home.
Sam and Sue Smith (“Buyers”) offered 3% less than the listed price. The offer was accepted by Jane and Jerry. At that time, the Buyers put down $1,000 of earnest money.
The Buyers will put 20% down and finance the rest through EverBank. The sale will close on July 1st at which time the Buyers will take possession. EverBank requires a loan origination fee of 1% of the value of the loan along with a property appraisal which will cost $400 and a credit report at a cost of $25.
Taxes for the current year were $1,500 and were paid in full by the Sellers.
The Buyers’ title insurance policy will cost $800, and the Sellers’ title insurance policy will be $1,690.
Homeowner’s insurance will cost the Buyers $350.
Recording the deed will cost $50 (equally split between the Buyers and Sellers).
Endorsements of $150 would be paid by the Buyers.
Courier fees will be $25 for the Buyers and $25 for the Sellers.
All pro-rations are based on a 30-day month.
Calculate the costs to the Buyer and the Seller as a percentage of the purchase/sales price.
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