Home Selling in 02360>Question Details

Steve, Home Seller in 02360

when selling my condo what taxes do I pay at closing?

Asked by Steve, 02360 Wed Feb 17, 2010

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I think you must be referring to Massachusetts Tax Stamps which are $ 4.56 per 1,000 dollars of the selling price. So an example would be if you shold your home for 100,000 the tax stamp would be $456.00 & if the home sold for $ 300,000 the tax stamp would be $ 1,368. This would be subtracted from your proceeds at the day of the closing. If you have any other questions you can give Michael Peppino a call at 617-875-4352
0 votes Thank Flag Link Thu Feb 25, 2010
Hi Steve,

When selling your condo, you're responsible for all your everyday expenses up to the date of closing. The closing attorney will prorate your condo fee and taxes. If your taxes are paid in advance, there will be a credit from the buyer from the closing date until the date you've paid. In addition, there is a state transfer tax ($4.56 per thousand of the sale price) that is due at the closing. For example, if your sale price is $100,000, the seller is responsible for paying $456 at closing. I hope this information helps. Please don't hesitate to contact me directly with more questions!

Jennifer
Web Reference: http://www.JenSylvester.com
0 votes Thank Flag Link Thu Feb 18, 2010
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