A seller agrees to sell his house for $459,000. His listing agreement indicates he will pay...

A seller agrees to sell his house for $459,000. His listing agreement indicates he will pay a 5% commission to his broker. He also expects to pay 3% of the purchase price towards closing costs. What is the net proceed the seller can expect at closing? Show your math

Expert Solution

Net proceeds:

= $459,000×(1-3%-5%)

= $459,000×0.92

= $422,280

jeff jeffy answered 2 years ago

Buyer wished to paint the exterior of his house. He went to Seller, a local paint...

Buyer wished to paint the exterior of his house. He went to Seller, a local paint store owner, and asked him to recommend a paint for the job. Seller suggested a particular paint based on Buyer’s description of this house. Seller instructed Buyer how to mix the paint and how to prepare the surface. Five months later, the paint began to peel, flake, and blister. Buyer brings an action against Seller. Decision? (In your answer use the terms: implied warranty,...

Both the agent and seller just signed the listing agreement. What must the licensee give to...

Both the agent and seller just signed the listing agreement. What must the licensee give to the seller now? A detail advertising plan A copy of the signed listing agreement Professional pictures of the property An appraisal of the property

If a seller contracts to sell a painting that he believes is a child's painting but...

If a seller contracts to sell a painting that he believes is a child's painting but it turns out to be an undiscovered Picasso, also unbeknownst to the buyer at the time of purchase, then _______. A. the contract can be disavowed B. the contract can be rescinded C. this mutual mistake of value does not excuse the seller from the contract D. the contract is void E. this mutual mistake of value would excuse the seller from the contract

Homeowner Ann Jameson entered into a 90-day exclusive right to sell listing agreement with a real...

Homeowner Ann Jameson entered into a 90-day exclusive right to sell listing agreement with a real estate broker, Bill Boor. One week later, Jameson sold the house to her neighbor, Jerry Mateo, who learned that the property was for sale when he saw the "for sale" sign in Jameson's yard. Boor contends that he is entitled to a commission on the sale. Is Boor entitled to a commission? Why or why not?

Michael will sell his bike because he will move and he has decided to sell it...

Michael will sell his bike because he will move and he has decided to sell it to the first person who offers at least 200 $. Suppose that each price offer given for Michael's bike is independent and exponentially distributed RVs(random variable) with mean $ 100 each. a) Michael sold his bike on the Kth offer. Find PMF(probability mass function) and mean of K b) Let the amount of offer which is sold by Michael be X $. Find PDF(Probability...

Z, an impoverished university student, and his millionaire father enter into an agreement where Z agrees...

Z, an impoverished university student, and his millionaire father enter into an agreement where Z agrees that he will keep the front and backyards of the family property mowed, and he will do a bit to keep the gardens looking tidy. In return his father agrees to pay him a weekly allowance of RM200. His father had previously used a garden contractor to do the job and paid him RM350. They live on one-hectare property, and the mowing alone takes...

Let’s say that a seller has a house she wants to sell for $150,000. She asks...

Let’s say that a seller has a house she wants to sell for $150,000. She asks the real estate agent to list it for sale at $160,000, but tells the agent not to entertain any bid below $140,000. An interested buyer, who can afford a mortgage at current rates if the total price is below $145,000 (his limit), looks at the house and likes it enough to put in an offer of $138,000. This situation could be characterized as: Group...

Cohen contracts to sell his house and lot to Windsor for $100,000. The terms of the...

Cohen contracts to sell his house and lot to Windsor for $100,000. The terms of the contract call for Windsor to pay 10 percent of the purchase price as a down payment. The terms further stipulate that if the buyer breaches the contract, Cohen will retain the deposit as liquidated damages. Windsor pays the deposit, but because her expected financing of the $90,000 balance falls through, she breaches the contract. Two weeks later, Cohen sells the house and lot to...

Sam Seller offers to sell his home to Pat Purchaser for the sum of $160,000. Pat...

Sam Seller offers to sell his home to Pat Purchaser for the sum of $160,000. Pat Purchaser responds that she will only purchase the home for $150,000. Sam Seller rejects Pat Purchaser’s offer to purchase for $150,000. Pat Purchaser then offers $160,000 for Sam Seller’s home. Is there a contract between Sam Seller and Pat Purchaser for the sale and purchase of the home at $160,000?

Joe has a written agreement with Naomi in terms whereof he is renting a house from...

Joe has a written agreement with Naomi in terms whereof he is renting a house from her. After the lease has been running for a few months, they agree orally that, from now on, Naomi (the lessor) shall pay for a gardening service to maintain the garden. In return, Joe (the lessee) will pay an extra N$ 100 in rent, since he no longer has to take responsibility for looking after the garden. Is this change valid?

Question