A property in Cook County sells for $450,000. What is the total Illinois state transfer tax due on this transaction?
Correct Answer
A) $225.00
Illinois state transfer tax is $0.50 per $500 or fraction thereof. $450,000 ÷ $500 = 900 increments × $0.50 = $225.00
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Related Topics & Key Terms
Key Terms:
Related Concepts
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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