Martin Ellingham is negotiating to buy a vacation cottage in Port WennThe seller of the cottage is asking $186,000. Martin offered him a cash deal, owner seller (no broker) only if the seller would reduce the price by 12%. The seller agreed. Martin must pay a 10% down payment upon signing the agreement of sale. At closing, he must pay the balance of the agreed-upon sale price, a $500 attorney's fee, a $68 utility transfer fee, a title search and transfer fee of $ 35 plus 3/4% of the selling price, and the first six months of the annual insurance of $ 1,460 per year. How much does Martin owe at closing?

Martin Ellingham is negotiating to buy a vacation cottage in Port WennThe seller of the cottage is asking $186,000. Martin offered him a cash deal, owner seller (no broker) only if the seller would reduce the price by 12%. The seller agreed. Martin must pay a 10% down payment upon signing the agreement of sale. At closing, he must pay the balance of the agreed-upon sale price, a $500 attorney's fee, a $68 utility transfer fee, a title search and transfer fee of $ 35 plus 3/4% of the selling price, and the first six months of the annual insurance of $ 1,460 per year. How much does Martin owe at closing?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 34P

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