In North Carolina, the 'excise tax' (revenue stamps) on deed transfers is paid at what rate and by whom?
Why $1 per $500 of the sale price, paid by the seller Is Correct
Answer C: $1 per $500 of the sale price, paid by the seller
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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