Real Estate Math
A Delaware property sells for $450,000. The first mortgage balance is $280,000. Closing costs and commissions total $27,000. What are the seller's net proceeds?
A$143,000✓ Correct
B$170,000
C$423,000
D$163,000
Explanation
Net proceeds = Sale Price − Mortgage Payoff − Closing Costs = $450,000 − $280,000 − $27,000 = $143,000.
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