So why would anyone ever go into a new construction transaction unrepresented?
I have 25 years in the new construction business in my past life...enough said.
Keller Williams Realty
NVAR Multi-Million Dollar Sales Club
If you have any additonal questions, please contact me at firstname.lastname@example.org or 540.454.1551...thanks!
There is NO federal or state law that specifically requires the buyer or the seller to pay the Grantor's tax - real estate contract is negotiable, which makes the contract adoptable to nearly any situation as long as it is legal.
Yes, typically it is the seller who pays the Grantor's tax - especially in the Buyer's market :-)
However, even in the Buyer's market, imagine that you have found a home that you absolutely love and want to purchase - for whatever reason: great location, floor plan, good value, terrific fixer-upper, close to your aunt Suzie, etc - but the seller has barely enough money to pay off the mortgage in order to avoid the short sale ..... the buyer may be willing to pay the Grantor's tax for the seller just to make the sale happen.
Real estate contract is negotiable which makes it a VERY beautiful instrument :-)
Keller Williams Realty
Below is a basic overview of fees associated with purchasing a property that would total approximately 3%.
Lender associated fees: loan origination fees, points, appraisal fees, credit report, flood certification, mortgage insurance premium and homeowners insurance.
Government: city, state, local taxes, recording fees and grantors tax.
Settlement fees: title insurance (owners and lenders), settlement fee, release fee, document fee and attorney fees.
Give me a buzz when you would like to review in detail.
The Grantor's (Seller) Tax as stated here now several times is the seller's line item cost in a resale home settlement. New construction purchases are the opposite, the buyer pays.
Setting up an appointment to review all purchaser's costs is advisable. We have an in-house lender that can also assist you with any additional questions. My office is in Ashburn and I have lived and raised my family in Ashburn. It would be a pleasure to assist you with your home search.
Please contact me should you need additional help.
Thank you for your post. Yes, it is typically the seller that pays the grantor's tax.
Please don't hesitate to ask if you have any other questions about the homebuying process.