Lucas, Ivan, Chad, and Trace own a property as joint tenants. After a few years, Ivan sells his interest to Tom. Chad dies intestate but is survived by a wife, Amy. Trace also then passes away but wills his property to Monique. Who owns the property after Trace's death?
Lucas, Monique, and Amy
Lucas, Tom, Amy, and Monique
Lucas
Lucas and Tom How would you calculate the transfer tax if it's $.35 per $1,000 of the sales price ($400,000)?
400,000 x .35 x 1,000
(400,000 ÷ 1,000) x .35
(400,000 ÷ 1,000) x 35
400,000 ÷ 35 x 1,000 $106,250
Conventional loans often require 20% down to avoid PMI ($125,000), and Nico has paid a $50,000 deposit ($625,000 x .08). Closing costs are $31,250 ($625,000 x .05). He needs $106,250 to close ([$125,000 - $50,000] + $31,250).