Real Estate Closing Costs Estimate

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Questions and Answers

What is the estimated selling price of the property?

$700,000.00

$600,000.00

$662,500.00 (correct)

$650,000.00

What is the total amount listed for approximate credits?

$500.00

$350.00

$200.00

$309.54 (correct)

Which fee is listed as $0.00 in the estimated costs?

Appraisal Fee (correct)

Documentary Transfer Tax (correct)

Escrow Fee (correct)

Title Insurance Policy (correct)

What is the amount for the Notary Fee?

$50.00 Signup and view all the answers

What is the interest amount for the first T.D. between 11/01/04 and 12/02/04?

$1,003.33 Signup and view all the answers

What is the total gross equity as listed?

$363,546.02 Signup and view all the answers

Which additional fee is mentioned for the reconveyance deed?

$170.00 Signup and view all the answers

What is the total estimated costs listed?

$40,849.15 Signup and view all the answers

Which one of the following is not included in the encumbrances?

Notary Fee Signup and view all the answers

How much is the brokerage fee based on the selling price?

$33,125.00 Signup and view all the answers

What is the total amount of the estimated seller's proceeds?

$323,006.41 Signup and view all the answers

How much is allocated for structural pest control repairs?

$1,400.00 Signup and view all the answers

What is the estimated total costs incurred by the seller?

$40,849.15 Signup and view all the answers

What is the amount listed for the home warranty plan?

$330.00 Signup and view all the answers

What is the security deposits amount recorded in the estimates?

$0.00 Signup and view all the answers

What is the total encumbrances amount mentioned?

$298,953.98 Signup and view all the answers

How is the estimated selling price calculated in terms of brokerage fees?

5 Signup and view all the answers

Which of the following is the estimated amount for the proration of property taxes?

$309.54 Signup and view all the answers

Which fee has been recorded at $75.00 in the estimated seller's net sheet?

Doc Prep Fee Signup and view all the answers

Which encumbrance is listed with a principal balance of $0.00?

3rd T.D. Signup and view all the answers

Study Notes

Estimated Seller's Net Sheet

Seller: Mr. & Mrs. Seller
Property Address: 123 Equity Street
Closing Date: 12/2/2004
Date Prepared: 11/1/2004
Estimated Selling Price: $662,500.00
Type of Financing: Conventional

Estimated Costs

Escrow Fee: $0.00
Notary Fee: $50.00
Title Insurance Policy: $0.00
Documentary Transfer Tax: $728.75
County: Alameda
City: (Not specified)
Prepayment Penalty: $100.00
Interest 1st T.D.: $1,003.33
Interest 2nd T.D.: $1,410.85
Prorated Interest 3rd Note: $0.00
Reconveyance Deed(s): $170.00
Misc. Lender Fees: $0.00
Appraisal Fee: $0.00
VA/FHA Discount Points: $0.00
Doc Prep (drawing etc.): $75.00
Misc. VA/FHA Fees: $0.00
Property Taxes (1st Inst 2004/2005): $1,921.27
Other Liens: $0.00
Structural Pest Control Inspection: $0.00
Structural Pest Control Repairs: $1,400.00
Pool Repairs: $0.00
Appliance Repairs: $0.00
Home Warranty Plan to Fidelity: $330.00
Brokerage Fee (5% x S.P.): $33,125.00
Buyer's Closing Costs (NRCC/RCC): $0.00
Security Deposits: $0.00
Prorated Rents: $0.00
Administrative/Transaction Fee: $295.00
Seller's Property I.D.: $0.00
Courier 75/ Wire 25: $139.95
HOA Transfer Fee: $100.00
Other: $0.00
Estimated Total Costs: $40,849.15

Encumbrances (Approximate)

1st T.D. Principal Balance: $(267,553.98)
2nd T.D. Principal Balance: $(31,400.00)
3rd T.D. Principal Balance: $0.00
Bonds/Liens: $0.00
Other Encumbrances: $0.00
Total: $(363,546.02)

Gross Equity

Gross Equity: $363,546.02

Approximate Credits

Property Taxes 12/02/04-01/01/05: $309.54
Prorated Insurance: $0.00
Impound Accounts: $0.00
Other: $0.00
Total: $309.54

Recap

Estimated Selling Price: $662,500.00
Total Encumbrances: $(298,953.98)
Estimated Costs: $(40,849.15)
Rent Back (days): $0.00
Sub-Total: $322,696.87
Approximate Credits: $309.54
Estimated Seller's Proceeds: $323,006.41
Purchase Money Note (if carried by Seller): $0.00
Proceeds From Sale of Purchase Money Note: $0.00
Estimated Seller's Cash Proceeds: $323,006.41

Property Taxes

Jan - June (2nd Installment): Property Taxes information for the 2nd installment period from January 1st to June 30th
July - Dec (1st Installment): Property Taxes information for the 1st installment period from July 1st to December 31st

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Description

This quiz provides an overview of the estimated seller's net sheet for a real estate transaction. Topics include various costs associated with selling a property, such as escrow fees, appraisal fees, and property taxes. Understanding these elements is crucial for sellers to prepare for closing.