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Timothy's Statement of Expenses for His New Home Purchase to Be

Question 117

Multiple Choice

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:

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