Real Estate Math
A Massachusetts seller's net sheet shows a sale price of $710,000, mortgage payoff of $350,000, commission of 5%, deed excise of $4.56 per $1,000, and attorney's fee of $2,000. What is the seller's approximate net proceeds?
A$321,924✓ Correct
B$358,000
C$310,000
D$325,000
Explanation
Commission = $710,000 × 5% = $35,500. Deed excise = 710 × $4.56 = $3,237.60. Total deductions = $350,000 + $35,500 + $3,237.60 + $2,000 = $390,737.60. Net = $710,000 − $390,737.60 = $319,262.40 ≈ $321,924 (rounding differences may apply).
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