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Figure 1.1 | Seller Net Worksheet Vorksheet Seller Net Worksheet Using the information provided, complete Figure 1.1, Seller Net Worksheet. John is selling his home at 123 Main Street, Any town, IL. Anita, a local broker, has taken the listing. Anita recommends that a seller net worksheet be filled out to give John a good idea of where he stands in terms of the cash he should expect at the closing. The following figures represent the sales data. The seller net worksheet should be used to tell John where he stands. Will he make money on the day of closing, or will he owe money? The ligures calculated below are only an approximation of net cash upon closing. Although every effort has been made to allow for variances and accuracy, we cannot guarantee same Property Client: Dato: 1. Sales Price 2. Soller's Customary Expenses (see line 9) $. %24 3. Less Commission to Seller's Broker $. %24 4. Less Commission to Buyer's Broker 5. Loan Discount Polnts (II Any) 6. First Mortgage Payof 7. Estimated Repairs (If Any) 8. Other Llens/Deductions 9. Explanation of Seller's Closing Expenses %24 $. 24 Sales price: $215,000 %24 Date of sale: June 15 24 %24 Transfer Tax Stamps Ttle Charges Inspections 2$ Real estate commission: 5 percent $4 %24 First mortgage payoff: $150,000 %24 %24 Allorney Survey Home Warranty Fee $. %24 Estimated repairs (paid by seller): $5,000 Total 10. Net Cash to Seller Transfer tax (state and county): $0.50 per $500, and in all Illinois counties, there is an additional transfer tax of $0.25 per $500. Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof. Varlous Issues to Consider 1. Will the seller have enough money at the closing? Ad valorem tax: $2,400 (paid in arrears; debit to seller); use the statutory month method itle charges: $1,200 ttorney fee: $500

Figure 1.1 | Seller Net Worksheet Vorksheet Seller Net Worksheet Using the information provided, complete Figure 1.1, Seller Net Worksheet. John is selling his home at 123 Main Street, Any town, IL. Anita, a local broker, has taken the listing. Anita recommends that a seller net worksheet be filled out to give John a good idea of where he stands in terms of the cash he should expect at the closing. The following figures represent the sales data. The seller net worksheet should be used to tell John where he stands. Will he make money on the day of closing, or will he owe money? The ligures calculated below are only an approximation of net cash upon closing. Although every effort has been made to allow for variances and accuracy, we cannot guarantee same Property Client: Dato: 1. Sales Price 2. Soller's Customary Expenses (see line 9) $. %24 3. Less Commission to Seller's Broker $. %24 4. Less Commission to Buyer's Broker 5. Loan Discount Polnts (II Any) 6. First Mortgage Payof 7. Estimated Repairs (If Any) 8. Other Llens/Deductions 9. Explanation of Seller's Closing Expenses %24 $. 24 Sales price: $215,000 %24 Date of sale: June 15 24 %24 Transfer Tax Stamps Ttle Charges Inspections 2$ Real estate commission: 5 percent $4 %24 First mortgage payoff: $150,000 %24 %24 Allorney Survey Home Warranty Fee $. %24 Estimated repairs (paid by seller): $5,000 Total 10. Net Cash to Seller Transfer tax (state and county): $0.50 per $500, and in all Illinois counties, there is an additional transfer tax of $0.25 per $500. Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof. Varlous Issues to Consider 1. Will the seller have enough money at the closing? Ad valorem tax: $2,400 (paid in arrears; debit to seller); use the statutory month method itle charges: $1,200 ttorney fee: $500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Figure 1.1 | Seller Net Worksheet Vorksheet Seller Net Worksheet Using the information provided, complete Figure 1.1, Seller Net Worksheet. John is selling his home at 123 Main Street, Any town, IL. Anita, a local broker, has taken the listing. Anita recommends that a seller net worksheet be filled out to give John a good idea of where he stands in terms of the cash he should expect at the closing. The following figures represent the sales data. The seller net worksheet should be used to tell John where he stands. Will he make money on the day of closing, or will he owe money? The ligures calculated below are only an approximation of net cash upon closing. Although every effort has been made to allow for variances and accuracy, we cannot guarantee same Property Client: Dato: 1. Sales Price 2. Soller's Customary Expenses (see line 9) $. %24 3. Less Commission to Seller's Broker $. %24 4. Less Commission to Buyer's Broker 5. Loan Discount Polnts (II Any) 6. First Mortgage Payof 7. Estimated Repairs (If Any) 8. Other Llens/Deductions 9. Explanation of Seller's Closing Expenses %24 $. 24 Sales price: $215,000 %24 Date of sale: June 15 24 %24 Transfer Tax Stamps Ttle Charges Inspections 2$ Real estate commission: 5 percent $4 %24 First mortgage payoff: $150,000 %24 %24 Allorney Survey Home Warranty Fee $. %24 Estimated repairs (paid by seller): $5,000 Total 10. Net Cash to Seller Transfer tax (state and county): $0.50 per $500, and in all Illinois counties, there is an additional transfer tax of $0.25 per $500. Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof. Varlous Issues to Consider 1. Will the seller have enough money at the closing? Ad valorem tax: $2,400 (paid in arrears; debit to seller); use the statutory month method itle charges: $1,200 ttorney fee: $500
Transcribed Image Text:Figure 1.1 | Seller Net Worksheet Vorksheet Seller Net Worksheet Using the information provided, complete Figure 1.1, Seller Net Worksheet. John is selling his home at 123 Main Street, Any town, IL. Anita, a local broker, has taken the listing. Anita recommends that a seller net worksheet be filled out to give John a good idea of where he stands in terms of the cash he should expect at the closing. The following figures represent the sales data. The seller net worksheet should be used to tell John where he stands. Will he make money on the day of closing, or will he owe money? The ligures calculated below are only an approximation of net cash upon closing. Although every effort has been made to allow for variances and accuracy, we cannot guarantee same Property Client: Dato: 1. Sales Price 2. Soller's Customary Expenses (see line 9) $. %24 3. Less Commission to Seller's Broker $. %24 4. Less Commission to Buyer's Broker 5. Loan Discount Polnts (II Any) 6. First Mortgage Payof 7. Estimated Repairs (If Any) 8. Other Llens/Deductions 9. Explanation of Seller's Closing Expenses %24 $. 24 Sales price: $215,000 %24 Date of sale: June 15 24 %24 Transfer Tax Stamps Ttle Charges Inspections 2$ Real estate commission: 5 percent $4 %24 First mortgage payoff: $150,000 %24 %24 Allorney Survey Home Warranty Fee $. %24 Estimated repairs (paid by seller): $5,000 Total 10. Net Cash to Seller Transfer tax (state and county): $0.50 per $500, and in all Illinois counties, there is an additional transfer tax of $0.25 per $500. Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof. Varlous Issues to Consider 1. Will the seller have enough money at the closing? Ad valorem tax: $2,400 (paid in arrears; debit to seller); use the statutory month method itle charges: $1,200 ttorney fee: $500
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