Transfer Of TitleTaxesMEDIUM
An exam-prep coach in Fayetteville is preparing an exam-prep note on North Carolina tax calculations, conveyance tax, and prorations. Which statement best applies under current North Carolina law?
Correct Answer
D) 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
Prepaid taxes are always refunded by the county rather than adjusted at settlement.C
A prepaid tax bill eliminates any need for proration under current North Carolina rulesD
If the seller has already paid the annual property taxes, settlement proration usually credits the seller for the buyer's share after settlement.Why This Is the Correct Answer
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Deep Analysis of This Transfer Of Title Question
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Background Knowledge for Transfer Of Title
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Related Topics & Key Terms
Key Terms:
closing_creditsdifficulty_3nc_property_tax_conveyance_taxnc_statenc_tax_calculations_conveyance_and_proration_scenariosnorth_carolinaproperty_tax_mathprorationscenario_traps_edge_cases_and_enforcement
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