BEST ANSWER
Justin Kiliszek,
Agent, Short Hills, NJ
Debbie is right! Sellers normally pay for realty transfer tax. If you would like to have a Transfer tax calculator just visit http://www.njhometax.com/Home.html and click on how much do I owe.
Now back to your question about new construction. I have just sold a new construction and represented the buyers in the transaction. The seller tried in their sales agreement to make the buyers pay for the transfer tax which we fought and finally had the seller agree to pay.
Now back to your question about new construction. I have just sold a new construction and represented the buyers in the transaction. The seller tried in their sales agreement to make the buyers pay for the transfer tax which we fought and finally had the seller agree to pay.
Web Reference: http://new-jersey-real-estate-for-sale.com/index.htm
Deborah Madey,
Agent, Red Bank, NJ
Realty Transfer Fee is paid by the seller. A buyer tax is paid by the buyer on properties over 1M. This is commonly called the Mansion Tax or Luxury Tax.
All things are negotiable. I have seen contracts where a seller will pay the buyers luxury tax in order to make the deal go. I have mostly seen that when the sales price was 1.050M, and the buyers were considering looking at properties under 1M to avoid the luxury tax.
All things are negotiable. I have seen contracts where a seller will pay the buyers luxury tax in order to make the deal go. I have mostly seen that when the sales price was 1.050M, and the buyers were considering looking at properties under 1M to avoid the luxury tax.
Deborah Madey,
Agent, Red Bank, NJ
Banks and developers will often try to shift this fee to the buyer, as they use "their" contracts vs. a standard contract form that Realtors use. In their contracts, if often stipulates that the buyer will pay. Builders and banks both have reason to be more negotiable today, so don't hesitate to ask for modifications to their standard terms and contract.
Purnima Talwar,
Agent, 07726
It is usually the sellers reponsiblity. But like anything else it is negotiable and has to be agreed upon by both parties.
Rich Visotcky, Esq.,
Real Estate Pro, Manahawkin, NJ
It should be the seller's responsibility but contractors in new homes frequently insert in their contracts that the buyer will pay the fee. This can amount to thousands and thousands of unearned income by the big builders. It is unfair to the buyers and should be stopped. I recently brought this to the attention of a NJ legislator who is placing a bill in the NJ Sate Assembly to make this unfair practice illegal in the future. Hope this helps.
Rich Visotcky, Esq.
Rich Visotcky, Esq.
Erin Attardi,
Agent, Sacramento, CA
Hi Grace,
Are you referring to a private transfer fee, or transfer tax? There is a big difference...just to clarify...especially since you are referring to new construction...
Refer to: http://www.realtor.org/rmomag.NSF/pages/frontlinesledesep07
Are you referring to a private transfer fee, or transfer tax? There is a big difference...just to clarify...especially since you are referring to new construction...
Refer to: http://www.realtor.org/rmomag.NSF/pages/frontlinesledesep07
