Transfer Of TitleTaxesEASY
A buyer representative in Concord 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 the seller has already paid the annual property taxes, settlement proration usually credits the seller for the buyer's share after settlement.
If the seller has already paid the annual property taxes, settlement proration usually credits the seller for the buyer's share after settlement.
Answer Options
A
The buyer's share after settlement is ignored when the seller prepaid under current North Carolina rulesB
A prepaid tax bill eliminates any need for proration under current North Carolina rulesC
If the seller has already paid the annual property taxes, settlement proration usually credits the seller for the buyer's share after settlement.D
Prepaid taxes are always refunded by the county rather than adjusted at settlement.Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
closing_creditsdifficulty_1nc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathprorationscenario_traps_edge_cases_and_enforcement
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