Delaware License LawIntermediateDelaware Exam
Delaware's transfer tax of 4% of the sale price is typically:
APaid entirely by the buyer
BPaid entirely by the seller
CSplit equally between buyer and seller (2% each)Correct
DPaid by the listing broker
Why Split equally between buyer and seller (2% each) Is Correct
Answer C: Split equally between buyer and seller (2% each)
Delaware's realty transfer tax is 4% of the consideration and is customarily split equally between the buyer and seller, with each paying 2%.
Key Delaware License Law Terms in This Question
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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