The amount received net of expenses is $397865 and the percentage of the sale price was 10%.
Given that Bourassas decides to sell a house for $ 440,000. You will be charged a real estate fee of 8% of the sale price, property insurance of 1.4% of the sale price, and an escrow fee of $ 775.
The declared retail price is $ 440,000.
Real estate commission = 8% of the sale price
Real Estate Fee = (8/100) × 440000
Real Estate Fee = 8 × 4400
Real Estate Fee = $ 35,200
Security insurance costs of the title = 1.4% of the sale price
Cost of title insurance = (1.4 / 100) × 440 000
Cost of title insurance = 1.4 × 4400
Title Insurance Cost = $ 6160
The escrow fee assigned is $ 775.
(a) In determining the amount received after deducting the sale price of the property commission, title insurance and escrow fees, we receive
Amount received after fees = sale price - real estate commission - title insurance - escrow fees
Amount received after fees = 440000-35200-6160-775
The amount received after fees = $397865
(b) To find the percentage of sale price, add together all the terms real estate commission, title insurance and escrow fees and divide by the sale price we get
Percentage of selling price=((35200+6160+775)/440000)×100
Percentage of sale price = (42135/440000) × 100
Percentage of sale price = 9.57
Percentage of sale price = 10% (rounded down)
Hence Bourassas decides to sell a house for $440,000, then the amount Bourassas will receive after expenses is $397,865 and the percentage of the sale price of expenses is 10%.
Learn more about selling price from here brainly.com/question/11067377
#SPJ1
