Question

A seller received a closing check for $210,150. the broker’s commission was 5 nd the closing costs paid by the seller amounted to $3,600. What was the selling price?

Answer 1

The selling price is $225,000.

What Are Closing Costs?

When there is a sale of real estate, both the buyer and the seller have to pay expenses. These expenses are called closing costs. Closing costs can be simply defined as the fees for services and products that are needed to help finalize the sale. The cost of each expense is itemized on the closing disclosure form.

The closing disclosure form was created by the Consumer Financial Protection Bureau (CFPB). Homebuyers and sellers are able to see a detailed view of the entire cost of a transaction. Join us as we review closing costs with a buyer and seller.

SOLUTION-

Sales price = (100% SP - 5%SP) + $3600 +$210,150

Sales price = (100%SP-5%SP)+$213,750

$213,750 = (100%SP-5%SP)

Sales Price = 95% = $213,750

Sales Price = $225,000

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