Home Buying in Los Angeles>Question Details

michael, Home Buyer in Los Angeles, CA

I want to buy a condo in Los Angeles, how many kinds of taxes should I pay when I purchase?

Asked by michael, Los Angeles, CA Tue Jun 25, 2013

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You will need to pay property taxes on the property, it is approximately 1.25% of the purchase price per year. That will be prorated from the date of purchase. You sound like you need your own exclusive buyers agent to represent you. A good real estate agent can answer all of your questions, assist you with setting up showings, making and negotiating offers, handling inspections, and all the way through the close of escrow.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
310-923-2334
http://www.HeatherPaulOnline.com
0 votes Thank Flag Link Tue Jun 25, 2013
Hopefully you will only pay pro-rated property taxes,the seller should pay for city & county transfer taxes.Good Luck !
0 votes Thank Flag Link Tue Jun 25, 2013
You pay prorated property taxes, and should expect to pay supplemental taxes as well. The city and county transfer taxes are also paid at the time of closing but most of the time paid by seller.
You can contact me and I will go over all the details with you I cover all Los Angeles areas.
moloud@sbcglobal.net
0 votes Thank Flag Link Tue Jun 25, 2013
Customarily, Buyer pays pays prorated property taxes at closing and roughly 1.25% of purchase price thereafter per year paid on two installments the first one due on Nov 1st and second one on Feb 1st. Moreover, expect to pay Supplemental Taxes after the transfer is over besides your regular taxes.

I work in Los Angeles. What area are you interested in buying?

http://douglasperez.pw
0 votes Thank Flag Link Tue Jun 25, 2013
Property taxes are paid twice a year to cover 1/01-6/30 and 7/1-12/31, so if the seller has paid their portion by the time you purchase the home, you will be required to pay the prorated portion from close of escrow date to cover that half of the year.

County and city transfer taxes are almost always covered by the seller, but in some instances you may be required to split the cost of the city tax (i.e. Redondo Beach).
0 votes Thank Flag Link Tue Jun 25, 2013
You should just pay a prorated property tax to the seller that she may have already advanced. There is a possibility that they may ask you to pay part of the county transfer tax, but this cost is typically borne by the seller, so you will need to read the contract carefully
0 votes Thank Flag Link Tue Jun 25, 2013
In escrow you should only be paying one property tax. In the purchase of the condo you might have mortgage tax and transfer tax.

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STERLING NATIONAL BANK
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0 votes Thank Flag Link Tue Jun 25, 2013
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