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
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.
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