Transfer Of TitleTaxesHARD
A closing-file reviewer in Wilmington is updating the policy manual on North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
B) If taxes have not yet been paid, the usual settlement adjustment gives the buyer a credit for the seller's share through settlement and leaves the buyer to pay the full bill when due.
If taxes have not yet been paid, the usual settlement adjustment gives the buyer a credit for the seller's share through settlement and leaves the buyer to pay the full bill when due.
Answer Options
A
If taxes are unpaid, the seller always pays the county directly before any settlement adjustment.B
If taxes have not yet been paid, the usual settlement adjustment gives the buyer a credit for the seller's share through settlement and leaves the buyer to pay the full bill when due.C
If taxes are unpaid, no proration is possible in North Carolina under current North Carolina rulesD
If taxes are unpaid, the broker keeps the tax reserve until next January under current North Carolina rulesWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
closing_creditscore_rules_and_definitionsdifficulty_5nc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathproration
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