Question Description
1. A buyer purchases a house for $360,000. He puts down $60,000 and assumes the existing loan of $300,000. How much documentary transfer tax is due? Use the formula from the textbook.
2. If the seller of the subject property has paid both the 1st and 2nd installments of the property taxes for a total annual bill of $5,290, what is the proration of property taxes for both seller and buyer if escrow closes on June 1?
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Expert AnswerÂ
1. A buyer purchases a house for $360,000. He puts down $60,000 and assumes the existing loan
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