Taxes are often misconstrued and referred to incorrectly in real estate transactions. This class provides essential knowledge for real estate licensees regarding what forms of state and federal taxes they might come across as part of a real estate settlement, ranging from local and state recordation taxes, property taxes, and income taxes. This course aims to inform real estate licensees on how these taxes are different and to dispel misconceptions about these taxes.

 

All real estate transactions require parties to review and sign off on a settlement statement and/or closing disclosure. It is fundamental to every transaction and the source of problems if figures are misrepresented or missing. Agents have a deeper understanding about what happens in a transaction, so their ability to review and explain a settlement statement to their client pays off exponentially in avoiding errors before or after closing. Ultimately, understanding these basics and history will assist agents in providing a smoother experience for their clients when issues occur.