A North Carolina seller argues that a $287,450 conveyance should be charged only 574 dollars because there are 574 full $500 blocks. Under the fractional-part rule, what tax is actually due?
Correct Answer
A) $575.00
Use the stated North Carolina formula or contract assumption: ceil(287450 / 500) × $1 = 575 × $1 = $575.00. That calculation produces the correct amount.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
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