Home Buying in 10306>Question Details

Lora, Home Buyer in Staten Island, NY

Buyer Pays Transfer Tax & Stamps..What is it? let say the property price is 470000 in Staten Island..

Asked by Lora, Staten Island, NY Wed May 14, 2008

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are you looking at short sales? in most cases the sellers pay them!
Web Reference: http://www.johnresales.com
0 votes Thank Flag Link Wed Sep 17, 2008
Hi Lora,
Basically Arlene nailed it down for you, But if you're looking for the actual figures this is what they would be on a sale price of $470,000 Transfer Tax at 1% = $ 4,700
Doc. Stamp Tax at $4.00 Per $1,000 = $ 1,880
Total = $6,580
0 votes Thank Flag Link Tue Jul 29, 2008
In most cases when working with a re sale it is the seller who pays NYC transfer tax and NYS deed documentary stamp tax.

The Transfer tax is 1 % of the selling price of the property up to $500,000 and the Doc. Stamp tax is $4.00 per each $1,000 of the selling price.

If the property is being sold as a foreclosure the bank will require the buyer to pay the Doc. Stamp & Transfer tax.

If the property is new construction most builders will also request that the buyer pay the Transfer tax and Doc. Stamp taxes.

A. T. REAL ESTATE SPECIALISTS LLC
Arlene Trunzo CRS,GRI, SRES
atrealestatespecialists.com , cmyrealtor@aol.com
718-317-0949, 917-359-1985
0 votes Thank Flag Link Wed May 14, 2008
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