Real Estate Math
A Virginia property sold for $250,000. The Grantor's Tax is $0.50 per $500. What does the seller pay in Grantor's Tax?
A$125
B$250✓ Correct
C$500
D$1,000
Explanation
Grantor's Tax = ($250,000 ÷ $500) × $0.50 = 500 × $0.50 = $250. This state deed tax is paid by the grantor (seller) at closing.
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