What are the cash proceeds of sale to vanessa


Problem: Vanessa has agreed to sell her home to Paul for a price of $150,000. Paul has paid a deposit of $15,000 directly to his brokerage. There is a mortgage registered against title that has an outstanding balance of $71,000, which Paul will assume. Paul will also be receiving financing, by way of a second mortgage, for $34,000. Property taxes of $1,095 were not paid by Vanessa by the due date; therefore, a penalty of $105 has been assessed. The outstanding property taxes and penalty will be paid by the conveyancer from the sale proceeds. A real estate commission of 6% of the purchase price is payable. Conveyancing fees for this transaction are $600. The adjustment, completion, and possession date is August 31. It is NOT a leap year and property transfer tax is payable. As well, Paul is NOT a foreign entity for property transfer tax purposes. What are the cash proceeds of sale to Vanessa? Group of answer choices $69,169.00 $69,538.00 $69,204.38 $140,169.00

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