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? Sales price: $215,000 Date of sale: June 15 Real estate commission: 5 percent First mortgage payoff: $150,000 Estimated repairs (paid by seller): $5,000 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. Ad valorem tax: $2,400 (paid in arrears; debit to seller); use the statutory month method Title charges: $1,200 Attorney fee: $500 Figure 1.1 | Seller Not Worksheet T Seller Not Worksheet The figures 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: Date: 1. Sales Price 2. Seller's Customary Expenses (see line 9) 3. Less Commission to Seller's Broker 4. Less Commission to Buyer's Broker 5. Loan Discount Points (If Any) 6. First Mortgage Payoff 7. Estimated Repairs (Any) 8. Other Liens/Deductions 9. Explanation of Selter's Closing Expenses Transfer Tax Stamps Title Charges Impections $ $ $ $ $ $ $ $ $. Attorney Survey Home Warranty Fee Total 10. Not Cash to Sellor Various Issues to Consider 1. Will the seller have enough money at the closing? k.pdf Open with Google Docs Figure 1.1 | Seller Net Worksheet Seller Net Worksheet The figures 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. Seller's Customary Expenses (see line 9) 3. Less Commission to Seller's Broker 4. Less Commission to Buyer's Brokor 5. Loan Discount Points (If Any) 6. First Mortgage Payoff 7. Estimated Repairs (If Any) 8. Other Liens/Deductions 9. Explanation of Seller's Closing Expenses Transfer Tax Stamps Title Charges Inspections Attorney Survey Home Warranty Fee Total 10. Not Cash to Seller $ $ $ $ $ $ $ $ $ Various Issues to Consider 1. Will the seller have enough money at the closing