A firm owner in Apex is answering a client question about the North Carolina conveyance tax at $1 per $500. Which statement best applies under current North Carolina law?
Correct Answer
B) Because the statute uses 'or fractional part,' any amount over an even $500 increment rounds up to another dollar of tax.
Because the statute uses 'or fractional part,' any amount over an even $500 increment rounds up to another dollar of tax.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
An abstract of title is a condensed history of all recorded documents and proceedings that affect the title to a specific parcel of real property. It is a summary, not a guarantee, of title condition.
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
More Transfer Of Title Questions
Which type of deed provides the grantee with the greatest protection against title defects from any point in the property's history?
Oklahoma uses which type of recording system?
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Which best describes a quitclaim deed?
What is Oklahoma's documentary stamp tax rate on real estate transfers?
- → In Oklahoma, real estate documents such as deeds are recorded with which office?
- → Under Arkansas law, what is the realty transfer tax rate charged when real property is conveyed?
- → In Arkansas, with which office are real estate deeds and other property documents officially recorded?
- → Arkansas uses which type of recording system to determine priority among competing claims to real property?
- → Which type of deed provides a buyer with the greatest protection against title defects, including those arising before the grantor's period of ownership?
- → A special warranty deed guarantees that the grantor will defend the title against claims arising from which of the following?
- → An abstract of title is best described as which of the following?
- → Delaware's realty transfer tax, which can total up to 4% of the purchase price, is considered:
- → Which of the following best describes the legal concept of escheat?
- → Title insurance primarily protects the policyholder against which of the following?
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