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Real Estate: Section 9 Chap 1
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Assume a seller at closing must pay transfer taxes at the rate of $1.00 for every $500 of purchase price, or fraction thereof. If the sale price is $345,600, how much tax must the seller pay?
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$692 ($345,600 / $500 = $691.2 round to $692)
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Terms in this set (14)
Assume a seller at closing must pay transfer taxes at the rate of $1.00 for every $500 of purchase price, or fraction thereof. If the sale price is $345,600, how much tax must the seller pay?
$692 ($345,600 / $500 = $691.2 round to $692)
According to the Real Estate Settlement and Procedures Act, a uniform settlement statement must be used whenever
the loan is to be sold to the FNMA
If a seller paid $488 for transfer taxes at closing, and
the rate was $1.00 for every $400 or fraction thereof
of the sale price, what was the sale price?
$195,200 ($488 × $400 = $195,200)
A sale contract stipulates that a buyer is to pay the seller's title insurance expenses. This practice is not customary in the area. In this case,
the buyer must pay the expense
The amount a buyer owes at closing is equal to
the excess of the buyer's debits over (minus) the buyer's credits.
