Real Estate Math
A property sells for $425,000. Delaware transfer tax is 4% of the sale price (split equally between buyer and seller). What is each party's transfer tax obligation?
A$8,500✓ Correct
B$12,750
C$17,000
D$6,800
Explanation
Total transfer tax = $425,000 × 4% = $17,000. Split equally: $17,000 ÷ 2 = $8,500 per party.
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