During the Closing for a Home Purchase , You Should

question 37

Multiple Choice

During the closing for a home purchase , you should

• A) Order an appraisal.
• B) Pay all closing costs, settle last-minute details, and sign documents
• C) Schedule an inspection of the condition of the home.
• D) Sign documents and pay half of the settlement costs.
• E) Review zoning laws for the municipality where the home is located.

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Definitions:

Corporate Tax Rate

The percentage of a corporation's taxable income that is paid as tax to the government, varying by country and sometimes within regions of a country.

CCA Class

Refers to the classification of assets for tax purposes in Canada, determining the rate at which an asset depreciates.

Net Advantage

The benefit that results from a certain business decision, considering all related costs and revenues.

CCA Rate

Capital Cost Allowance rate, which is the percentage used to calculate depreciation for tax purposes on capital assets.