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transfer tax to be paid by the seller at closing, based on $0.50 per $500, will be $230.00
A tax on the transfer of property ownership from one person (or business) to another is known as a transfer tax. A transfer tax is simply a transaction charge that is levied on the transfer of ownership of property through one entity to another in a strictly legal sense. This form of tax is often charged in cases when the transfer of real estate, shares, or bonds is required by law to be registered. Examples of such taxes include some kinds of stamp duty, real estate transfer tax, and fees for the official registration of a transfer. A notary public must certify certain types of property transactions in various countries.
To know more about transfer tax refer to https://brainly.com/question/14298674
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