Real Estate Math
A Delaware property sells for $380,000. Delaware realty transfer tax is 3% split equally between buyer and seller. How much does each party pay?
A$5,700 each✓ Correct
B$11,400 each
C$3,800 each
D$7,600 each
Explanation
Total transfer tax = $380,000 × 3% = $11,400. Split equally: $11,400 ÷ 2 = $5,700 per party.
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Key Terms to Know
Transfer Tax
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
State-Specific Concepts
Transfer Tax
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