GEORGIA MATH CALCULATIONS ( TRANSFER TAX) QUESTIONS AND ANSWERS.

What is the amount of the transfer tax to be paid if the sales of a house is $92,560 and the new loan is $70,500? $92.60) $92.560/$100 = $925.6 Rounded to $926 x $0.10 = $92 60 The sales price of a property is $73,50 with a loan assumption of $58,341. The transfer tax is: $15.20) $73,500 - $58,341 = $15,159/$100 = $151.50 Rounded to $152 x $.10 = $15.20 A seller sold a property for $225,00. The seller's first mortgage of $165,000 was paid off at closing. The buyer obtained a new 80% conventional loan. How much id the transfer tax in this transaction? $225.00) $225,000 x $.10 / $100 = $225.00 A seller sold a property for $185,000. The buyer assumed the seller's first mortgage of $122,364 and paid the balance in cash. How much is the transfer tax? $62.70) $185,000 - $122,364 = $62,636 $62,636 / $100 = $626.36 Rounded to $627 $627 x $.10 = $62.70 Which is TRUE about the transfer tax in Georgia? Transfer tax is $.10 per $100 increment on the adjusted sales price When a property sells and a deed is recorded, which of the following must be paid? A transfer tax