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a real estate transaction has a closing date of november 15. the seller, who is responsible for costs up to and including the date of settlement, has already paid the property taxes of $5,116 for the calendar year. at closing, the buyer will be

Respuesta :

$639.50 is deducted from the answer. On the closing statement, the buyer will be charged or debited with an amount sufficient to cover the seller's loss on the prepaid taxes.

What does the term "real estate" mean?

Real estate is defined as the land and any affixed permanent structures, such as a house, or improvements, whether created naturally or artificially. Real property includes real estate.

A Real Estate Agent: What Is It?

An authorized real estate agent connects buyers and sellers for transactions and advocates for them in court. In most cases, agents are paid a commission, which is a percentage of the sale price of the home. The commission an agent receives is based on their state and brokerage.

Briefing:

(1) finding the monthly amount of the real estate taxes ($5,116 ÷ 12 = $426.33)

(2) finding how many months lie between the settlement and the end of the year (15 days, or ½ month, in November and a full month in December = 1.5 months),

(3) finding the taxes on 1½ months ($426.33 × 1.5 = $639.50).

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