Question: A developer purchased a tract measuring 1,452 feet by 1,200 feet for $3,000 per acre. The sale contract provided for the developer to pay

A developer purchased a tract measuring 1,452 feet by 1,200 feet for $3,000 per acre. The sale contract provided for the developer to pay the seller 29% of the purchase price in cash, the developer to assume a $50,000 existing first mortgage, and the seller to take out a new second mortgage for the remainder of the remainder of the purchase price. How much must the seller pay for doc stamps on the deed? a $596.40 b. $660.00 c. $720.00 d. $840.00 Correct Answer

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