On January 15, a seller paid $960 in annual property tax for the current calendar year....
On January 15, a seller paid $960 in annual property tax for the current calendar year. A buyer is purchasing the house with the closing set for March 1. What will be the seller's credit for the property taxes already paid if the buyer pays for the day of closing? Use a 360-day year and a 30-day month.
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On January 15, a seller paid $960 in annual property tax for the
current calendar year....
On February 1, a seller paid $1,140 in annual property tax for the current calendar year....
On February 1, a seller paid $1,140 in annual property tax for the current calendar year. He sold the house wiith the closing set for April 1. What will be the seller's credit for the property taxes already paid if the buyer pays for the day of closing? Use a 360-day year and a 30-day month. Your answer! Correct answer: $288 A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points....
II. A) The property tax year ru ne property tax year runs from January 1 through...
II. A) The property tax year ru ne property tax year runs from January 1 through December 31. The taxes on certain house are $840 this year and have already been paid by the owner. If the owner sells the house and the closing is December 1, how much money does the buyer owe the seller for the prorated property taxes?
A seller prepaid their annual insurance premium of $2,100 on January 1 and the closing is...
A seller prepaid their annual insurance premium of $2,100 on January 1 and the closing is set for March 15, using the 12-month/30-day method, if the buyer pays for the day of closing, what will the buyer owe the seller as prorated insurance? $431.66 $437.26 $1,668.33 $1,680.00 Please explain answer!!
b.) ine property tax year runs from January, 1 through December 31. The taxes are $320 due August 1 and $640 due De...
b.) ine property tax year runs from January, 1 through December 31. The taxes are $320 due August 1 and $640 due December 31. The owner has already paid the tax due on August 1. If the owner sells the house with a closing date of November 1, how much tax is due from the seller to the buyer at closing?
I have seen this answered all over this site and I think the person answering it...
I have seen this answered all over this site and I think the person answering it is always trying to make the answer fit an incorrect key rather than the logic of credits and debits. Can someone verify my thoughts here? Here is the question and allow me to explain why I think the key is wrong and what has caused a lot of copy and pasting of an incorrect method online. The question reads: ------------------------------------------------------------- On February 1, a...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various...
Complete the simplified settlement statement form (Excel spreadsheet provided) for the transaction described below. The various closing costs will be allocated between the parties in the customary way unless otherwise noted. Use a 360-day year and 30-day months for your prorations. Round dollar amounts to two decimal places for each step in your calculations. (Digits from 1 through 4 should be rounded down; digits from 5 through 9 should be rounded up.) The house at 314 Baker Street...
Suppose a property has estimated real estate taxes for the current year of $4,398.25 dollars and...
Suppose a property has estimated real estate taxes for the current year of $4,398.25 dollars and that taxes are paid at the end of the year. If the property is being sold on May 25 in a year with 365 days and the buyer and seller agree to prorate the taxes at the time of closing with the buyer being responsible for the day of closing, what amount will be charged to the seller on the settlement statement? $1,000.00 $1,735.20...
Tabitha sells real estate on March 2 of the current year for $359,200. The buyer, Ramona,...
Tabitha sells real estate on March 2 of the current year for $359,200. The buyer, Ramona, pays the real estate taxes of $17,960 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $341,200. The buyer, Ramona, pays the real estate taxes of $17,060 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $374,800. The buyer, Ramona, pays the real estate taxes of $18,740 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
On February 1, a seller paid $1,140 in annual property tax for the current calendar year. He sold the house wiith the closing set for April 1. What will be the seller's credit for the property taxes already paid if the buyer pays for the day of closing? Use a 360-day year and a 30-day month. Your answer! Correct answer: $288 A buyer wants to purchase a home for $160,000 with a 15% down payment. The lender charges 2 points....
II. A) The property tax year ru ne property tax year runs from January 1 through December 31. The taxes on certain house are $840 this year and have already been paid by the owner. If the owner sells the house and the closing is December 1, how much money does the buyer owe the seller for the prorated property taxes?
b.) ine property tax year runs from January, 1 through December 31. The taxes are $320 due August 1 and $640 due December 31. The owner has already paid the tax due on August 1. If the owner sells the house with a closing date of November 1, how much tax is due from the seller to the buyer at closing?
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $341,200. The buyer, Ramona, pays the real estate taxes of $17,060 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $374,800. The buyer, Ramona, pays the real estate taxes of $18,740 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
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