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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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WHAT IS TRANSFER TAX?
tia!!!
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Posted 8/2/08 3:00 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: WHAT IS TRANSFER TAX?
is that mortgage transfer tax? It's about 1% of your mortgage that goes to NYS. But you also get to deduct it on your NYS taxes.
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| Posted 8/2/08 3:39 PM |
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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Re: WHAT IS TRANSFER TAX?
i'm not exactly sure--i saw it on a listing...it said buyer to pay transfer tax????
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| Posted 8/2/08 3:53 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: WHAT IS TRANSFER TAX?
is it a co-op, sometimes they have these flip taxes, a fee they charge to sell
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| Posted 8/2/08 8:19 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: WHAT IS TRANSFER TAX?
Transfer Tax is a tax the seller pays when they sell..its a tax on the sale price of the house..4% of the house's sale price to be exact
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| Posted 8/2/08 9:37 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: WHAT IS TRANSFER TAX?
Posted by strongisland
i'm not exactly sure--i saw it on a listing...it said buyer to pay transfer tax????
If it says the buyer is to pay transfer tax its probably a foreclosure or short sale property..most banks require the purchaser to pay this on a foreclosure/short sale..but otherwise its the seller
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| Posted 8/2/08 9:38 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: WHAT IS TRANSFER TAX?
Posted by jklein1323
Posted by strongisland
i'm not exactly sure--i saw it on a listing...it said buyer to pay transfer tax????
If it says the buyer is to pay transfer tax its probably a foreclosure or short sale property..most banks require the purchaser to pay this on a foreclosure/short sale..but otherwise its the seller
my attorney said it is illegal to ask the buyer to pay the transfer tax, this is something that the seller is required to pay. Our sellers tried to put into the contract that we would pay it, and our attorney shot them down quick.
But it sounds like the rules are different for a foreclosure or short sale, though.
Message edited 8/3/2008 10:02:33 AM.
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| Posted 8/3/08 10:01 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: WHAT IS TRANSFER TAX?
Posted by Karen
Posted by jklein1323
Posted by strongisland
i'm not exactly sure--i saw it on a listing...it said buyer to pay transfer tax????
If it says the buyer is to pay transfer tax its probably a foreclosure or short sale property..most banks require the purchaser to pay this on a foreclosure/short sale..but otherwise its the seller
my attorney said it is illegal to ask the buyer to pay the transfer tax, this is something that the seller is required to pay. Our sellers tried to put into the contract that we would pay it, and our attorney shot them down quick.
But it sounds like the rules are different for a foreclosure or short sale, though.
Its not illegal to pass the transfer tax onto the buyer. Seller's pass the transfer tax onto the buyer all the time in new construction unless it is negotiated out of the contract. In a resale I would never allow my client as purchaser to pay the transfer tax which is a seller's expense. If the house is in foreclosurer (or short sale) and you are buying it that way then it is possible the bank will pass it on to buyer. If the bank owns the property they can try to pass it onto you but they usually pay it.
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| Posted 8/3/08 10:12 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: WHAT IS TRANSFER TAX?
sorry posted it twice
Message edited 8/3/2008 10:13:28 AM.
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| Posted 8/3/08 10:12 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: WHAT IS TRANSFER TAX?
it's not 4%. it is $2.00 for every $500.00.
So, selling price = $300,000. / $500.00 X 2 = Transfer tax.
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| Posted 8/3/08 10:28 AM |
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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Re: WHAT IS TRANSFER TAX?
thanks for the info...it didn't say anything about a short sale or foreclosure but it probably was one of the two.....
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| Posted 8/3/08 12:01 PM |
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: WHAT IS TRANSFER TAX?
Posted by rkoenke
it's not 4%. it is $2.00 for every $500.00.
So, selling price = $300,000. / $500.00 X 2 = Transfer tax.
i dont think she meant 4%...i think she meant .4%, but in either instance you're both right!
and ps --- this is the rate for nassau county. it varies depending on where you live.
link to nassau county website
scroll down to where it lists the fees.
Message edited 8/3/2008 1:46:46 PM.
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| Posted 8/3/08 1:44 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: WHAT IS TRANSFER TAX?
Posted by igottabeme
Posted by rkoenke
it's not 4%. it is $2.00 for every $500.00.
So, selling price = $300,000. / $500.00 X 2 = Transfer tax.
i dont think she meant 4%...i think she meant .4%, but in either instance you're both right!
and ps --- this is the rate for nassau county. it varies depending on where you live.
link to nassau county website
scroll down to where it lists the fees.
It doesn't vary upon where you live its NYS Transfer Tax ..no matter where you are in New York State its the same
Message edited 8/3/2008 4:45:28 PM.
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| Posted 8/3/08 4:43 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: WHAT IS TRANSFER TAX?
Posted by jklein1323
Posted by igottabeme
Posted by rkoenke
it's not 4%. it is $2.00 for every $500.00.
So, selling price = $300,000. / $500.00 X 2 = Transfer tax.
i dont think she meant 4%...i think she meant .4%, but in either instance you're both right!
and ps --- this is the rate for nassau county. it varies depending on where you live.
link to nassau county website
scroll down to where it lists the fees.
It doesn't vary upon where you live its NYS Transfer Tax ..no matter where you are in New York State its the same
that is true the only place in ny that you have to pay more transfer tax is in the city where depending on the purchase price can be another 1.4% or 2.165%
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| Posted 8/3/08 6:19 PM |
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: WHAT IS TRANSFER TAX?
Posted by csorisi
Posted by jklein1323
Posted by igottabeme
Posted by rkoenke
it's not 4%. it is $2.00 for every $500.00.
So, selling price = $300,000. / $500.00 X 2 = Transfer tax.
i dont think she meant 4%...i think she meant .4%, but in either instance you're both right!
and ps --- this is the rate for nassau county. it varies depending on where you live.
link to nassau county website
scroll down to where it lists the fees.
It doesn't vary upon where you live its NYS Transfer Tax ..no matter where you are in New York State its the same
that is true the only place in ny that you have to pay more transfer tax is in the city where depending on the purchase price can be another 1.4% or 2.165%
oh ok. i knew it was different in nyc so i assumed it would vary.
Message edited 8/3/2008 10:25:53 PM.
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| Posted 8/3/08 10:24 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: WHAT IS TRANSFER TAX?
Posted by igottabeme
Posted by rkoenke
it's not 4%. it is $2.00 for every $500.00.
So, selling price = $300,000. / $500.00 X 2 = Transfer tax.
i dont think she meant 4%...i think she meant .4%, but in either instance you're both right!
and ps --- this is the rate for nassau county. it varies depending on where you live.
link to nassau county website
scroll down to where it lists the fees.
Haha! LOL! that's funny. i never would have thought of that. i am mathematically challenged. i had to use a computer to figure out my equation.
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| Posted 8/4/08 7:27 AM |
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