Use the following information to complete the Settlement Statement

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• Closing is December 5, 2020 at 5:30p.m.
• Sales Price: $481,500
• Buyer paid Earnest Money at time of offer: $3,500
• Buyer is getting a conventional loan with a 20% down payment
• Seller's existing loan payoff amount is $289,000
• Seller also has a HELOC with a payoff amount of $32,653
• The Seller has agreed to give the Buyer a credit in the amount of $1,500 for inspection related repairs at closing.
• Due to concerns over property line boundaries, the Seller has agreed to pay for the $150 cost of an Improvement Location Certificate (ILC). This will be collected by the title company and remitted to the surveyor directly.

Lender fees:

• Appraisal $650.00
• Credit Report Fee $21.93
• Document preparation fee $450
• Flood Certification Fee $8.00
• Origination Fee $845
• Lender's Title Insurance $500
• Owner's Title Insurance $821.36 (Seller paid expense)
• Recording Fee $176

?2019 Property taxes -not yet paid by the Seller are $2,173.79

2020 Property taxes- will not be paid until 2021

(*hint: 2020 is a leap year)

• Escrow/Reserves: Lender requires a 3-month reserve for taxes and insurance.(*hint- escrow/reserves refer to a particular amount of money the lender requires to be set aside in an escrow account to pay for property taxes or insurance premiums at a later date). This is collected from the Buyer at closing.
• Buyer's Hazard Insurance premium is $1,476 per year.
• Settlement/Closing Fee $300, to be split equally between Buyer and Seller
• The Listing Broker is charging commission of 6%

Based on the given information provided above, please fill out the chart below using data from above.

C Homepage | CHD X s Connect - Home X Assignment 4- Settlement Staten X Homework Help - Q&A from Onl x *14861311 (1920 x1080) X + X C A coursehero.com/qa/attachment/14861311/?_chid=abe9bac3-3bf2-42db-9a55-3bb4963dc6a5 - ZOOM + Closing Statement Date of Proration: Seller Buyer Item Debits Credits Debits Credits Purchase Price 2 Earnest Money 3Principal amount of new loan 1st Loan Payoff 2nd Loan Payoff Taxes for 2019 7 Taxes for 2020 (# of days: 8 Appraisal Fee 9 Credit Report Fee 10 Document Preparation Fee 11 Flood Certification Fee 12 Origination Fee 13 Lender's Title Insurance 14 Owner's Title Insurance 15 Recording Fee 16 Escrows Deposited with Lender 16a. Hazard Insurance Reserve 16b. Property Tax Reserve 17 Real Estate Closing Fee 18 Seller Concessions 19 Improvement Location Certificate 20 Broker's Fee 21 Subtotals Balance due to/from: Total Type here to search O i 9 5:24 PM 11/14/2020