Timothy's statement of expenses for his new home purchase to be paid at the time of closing is summarized next
Mortgage-related costs: $1,250
Home inspection fee: $300
Escrows: $3,500
Title search: $450
Title insurance: $1,300
Real estate commission: $10,500
Attorney's fee: $450 (seller) and $550 (buyer)
Closing charge: $200 (buyer and seller each)
What amount will Timothy have to pay at the time of closing?
A) $7,550
B) $12,700
C) $12,800
D) $18,050
Correct Answer:
Verified
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