Georgia Real Estate Math with 100- correct answers already graded A+
11 views 0 purchase
Course
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)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R279,96. You're not tied to anything after your purchase.
