Home Buying in 10306>Question Details

Condobuyer, Home Buyer in 10026

who pays condo transfer tax in nyc?

Asked by Condobuyer, 10026 Sun May 23, 2010

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Hope this helps.

It is assumed that the Seller has to pay transfer taxes on a resale but it could be in negotiation regarding who pays it. If the purchase price is agreed between the buyer and seller, the seller doesn't have to pay the taxes.

It is the same theory when it comes to new constructions. Depending on how both sides feel about the final agreement on the purchase price, the buyer can always ask the seller to pay for transfer taxes and the seller can come back for paying half. There is no law to this issue, it all depends on the negotiation as far as I know.
0 votes Thank Flag Link Wed Jul 18, 2012
For esales the seller pays N.Y. City Transfer Tax, and N.Y. State Documentary Stamps. For New Construction yhe Buyer pays those Fees.
0 votes Thank Flag Link Sun Nov 7, 2010
In New Jersey, I find most of the builders pay transfer fee. In New York most of the buyers pay for it..If you have a buyers agent representing you and it's new contruction, perhaps theres some negotiating room for you.

Good Luck !
Web Reference: https://cathycataletto.com
0 votes Thank Flag Link Sun Aug 8, 2010
If it is new construction condo buyer will pay all the closing cost including transfer tax.
For resale seller pays transfer tax.
0 votes Thank Flag Link Tue Jun 29, 2010
Generally the seller pays, unless negotiated otherwise--you attorney can best advise as it relates to your situation.
0 votes Thank Flag Link Mon May 24, 2010
The transfer tax must be paid (CUSTOMARILY BY THE SELLER) when the deed is recorded.
Web Reference: http://clovelake.com
0 votes Thank Flag Link Mon May 24, 2010
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