closingstatement.xls

			CLOSING STATEMENT
		1	Purchase Price
		2	Assessment
		3	Other

			Total

			Deductions
		4	First Mortgage
		5	Equity Line/Second Mortgage
		6	Interest
		7	Taxes 2d 02
		8	Taxes 03
		9	Rent
		10	Transfer tax
		11	Survey
		12	Title Cost
		13	Recording
		14	Commission 1
			Commission2
		15	Possession Escrow
		16	Atty fees to T. Sammons
		17	Other
		18	Other
		19	Other
			Total Deductions

			Total Credits
			Total Deductions
			Total to Seller

Automatic recalculation

1. Enter the purchase price.

2. If you own a condominium or pay association dues enter the portion of the dues that you already paid that the Buyer owes to you.

3. Enter any other fees that the Buyer owes to you (usually none)

4. Enter your first mortgage principal balance. Please keep in mind that mortgage interest is paid "in arrears." (Example: If you just paid your May payment, you paid April's interest and still owe interest until date of closing). This is compensated for by #6 below (the extra interest that is added).

5. Enter the principal balance of your second mortgage or home equity line.

6. $750 is automatically added for interest due on the first and second mortgage due to interest being in arrears.

7. & 8. Taxes in Illinois are one year in arrears. In 2003, the 2002 tax bill is issued. That means that sellers owe much more in taxes than they think they do. Go to www.cookcountytreasurer.com to check your tax amount. The first installment tax bill in Cook County is paid in March of each year and the second installment in November. In Lake, DuPage, McHenry and other counties, the tax bill is issued in May and paid in two installments: June and September. Enter the amount of your unpaid taxes.

9. If you are renting back your property after closing, enter the amount of the rent or estimate the amount.

10. The transfer tax is calculated automatically. (It is $1.50 per thousand of the purchase price.)

11. The survey is estimated at $300.00.

12. Title charges are $555 for the first $100,000 and $1.50 per thousand thereafter.

13. Recording is estimated at $50.00.

14. If you are selling by-owner, enter nothing. If you are selling through a realtor, enter the commission. This is usually 5% of the purchase price.

15. If you are renting back after closing enter 2% of the purchase price. This is a hold back to make sure that you deliver possession of the property. This will be refunded to you after you move out.

16. Enter attorneys fees. I charge $350 for a sale through a realtor and $450 for a By-owner.

17. & 18. &19. Enter any other fees like home warranties, well and septic etc.

The totals are calculated for you. Don't despair! You still did very well. Pat yourself on the back for such an astute investment.