A listing broker in Apex is sorting out a file issue involving North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
C) 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.
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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.
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Oklahoma uses which type of recording system?
Title insurance primarily protects against which of the following?
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- → 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?
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