Property Ownership
A Virginia buyer discovers after closing that the property taxes for the current year were $4,000 and the seller was credited at closing for $1,500. After closing, the buyer receives the full year's tax bill. The buyer must pay:
A$4,000 total
B$2,500 — the remaining balance after the seller's credit✓ Correct
C$1,500 only
D$5,500
Explanation
The seller credited the buyer $1,500 at closing for their share of the annual taxes. The buyer pays the entire tax bill ($4,000) and is reimbursed through the closing credit, netting $4,000 – $1,500 = $2,500 out of pocket.
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