You are working on the closing of a sale of a home. The sale price is $86,500. The seller must pay a 6% commission to her broker, and other closing costs of $600.00

You are working on the closing of a sale of a home. The sale price is $86,500. The seller must pay a 6% commission to her broker, and other closing costs of $600.00. The balance of the seller’s mortgage loan on the property to be paid to the bank at closing is $28,400.00. The closing is taking place on August 15. The seller has not paid the real estate taxes assessed for the calendar year in the amount of $2,150.00, so there will be a tax adjustment. After you prepare the closing disclosure for the closing. how much will you tell the seller she will be receiving as her proceeds at the closing? Show how you arrived at the figure. Then. describe the steps followed in conducting a real estate closing, beginning with the execution of the purchase and sale agreement and continuing through the recording of a mortgage discharge. Include in your answer a brief description of the various documents executed at a closing and their purpose.

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