Georgia Real Estate Math with 100- correct answers already graded A+
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Module
UGA Math Placement
Institution
UGA Math Placement
Intangible taxes are charged against the amount new funds burrowed by the buyer (less any part of the seller's loan assumed by the buyer). Alex bought a condo for $110,750 and put $11,500 down. What would the intangible recording tax be?
$110,750 - $11,500= $99,250 in new debt/ 500= $198.50 (round...
Georgia Real
Estate Math with
100% correct
answers already
graded A+
Intangible taxes are charged against the amount
new funds burrowed by the buyer (less any part of
the seller's loan assumed by the buyer). Alex
bought a condo for $110,750 and put $11,500
down. What would the intangible recording tax be?
- answer $110,750 - $11,500= $99,250 in new
debt/ 500= $198.50 (round up to $199) x $1.50=
$298.50
Dain and Sherly's home sold for $751,150. They
owe $675,900 on their mortgage. What will their
net be after they pay $24,500 in expenses and a
Transfer taxes are charged against the sales price
of the property (less any part of the seller's loan
assumed by the buyer) A home sold for $375,900.
the buyer obtained a mortgage for $305,750. what
will the transfer tax be on this sale? - answer
Transfer taxes are calculated against sales, not
loans, Multiply the sales price by the 1/10th
percent to determine the tax:
$375,900 x .001= $375.0
If a seller prepaid the taxes of $4,400 and the
closing is set for May 19, using the 12-month/30-
day method what will the buyer owe the seller as
prorated taxes? - answer Find the daily taxes:
($4,400 annual/360=$12.22 per day)
Find the number of days from the beginning od the
tax year (assume January 1) through May 19
closing ( assume that day is paid by the seller): (4
months x 30 days + 19 days= 139 days)
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