Real Estate Math
A Colorado seller's closing costs include: 6% commission ($33,600), title insurance ($1,200), attorney fee ($500), prorated taxes ($800). What are the total closing costs?
A$33,600
B$35,600
C$36,100✓ Correct
D$37,100
Explanation
Total closing costs = $33,600 + $1,200 + $500 + $800 = $36,100. To solve this, multiply the relevant values: $33,600 and $1,200 at 6%..
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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