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General Off-Topic Board / CONTRACTS QUIZ!!!!!!!!!!!!!!!!!!
« on: June 24, 2005, 12:49:17 AM »
I have a very interesting question/case for anyone who feels up to a VERY SERIOUS question. Here is an excerpt from a contract (real) that I would like clarification on its meaning, or at least your interpretation.
It is a contract written to sell property.
Selling price = $129,500
Prorated Taxes = $800
Transfer Tax = $129.50
3% of 129500 = $3885
"c. All costs to be paid as follows:
Seller to pay closing costs up to 3% of selling price, to include all costs associated with section d. below
d. Taxes will be prorated as of the date of closing. Seller to pay Georgia real estate transfer tax."
The rest of the contract is standard, but hte dispute lies in the actual amount that the buyer and the seller will "bring" to the table.
I would like anyone who is interested, using the dollar amounts listed, to give me their best interpretaton of contract and how much both the seller and buyer should be responsible.
Thanks
It is a contract written to sell property.
Selling price = $129,500
Prorated Taxes = $800
Transfer Tax = $129.50
3% of 129500 = $3885
"c. All costs to be paid as follows:
Seller to pay closing costs up to 3% of selling price, to include all costs associated with section d. below
d. Taxes will be prorated as of the date of closing. Seller to pay Georgia real estate transfer tax."
The rest of the contract is standard, but hte dispute lies in the actual amount that the buyer and the seller will "bring" to the table.
I would like anyone who is interested, using the dollar amounts listed, to give me their best interpretaton of contract and how much both the seller and buyer should be responsible.
Thanks
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