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Tony, Home Buyer in 15202

I have never bought a home and I am wondering what they mean by some of the terms in this listing.

Asked by Tony, 15202 Mon Dec 15, 2008

my main question is what do they mean by Buyer pays for all transfer taxes, permits & tests. Sold As Is. Does this mean there are back taxes on the property that the buyer would have to pay will the house have an occupancy permit at closing, and whatcan i expect taxes permits and test to cost on top of what is paid for the property.


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This question is about this property: http://www.trulia.com/property/1071727197-6537-Ohio-River-Bl…

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Tony, think of transfer tax or deed transfer tax as sales tax on real estate. By custom, the total is split between buyer and seller. Generally, 1% of the sales price is paid by the buyer and 1% is paid by the seller. This seller wants you to pay the total transfer tax. The deed transfer tax are not back taxes, again, think of it as sales tax. You can find more information on the link below. The total deed transfer tax is usually 2% (1% to buyer - 1% to seller). There are exceptions. You can find those exceptions on the link below as well.
0 votes Thank Flag Link Fri Aug 21, 2009
You can also go to the following directory (in which I am included):

http://www.rebac.net/MembershipDirectory.aspx
0 votes Thank Flag Link Mon Dec 15, 2008
Tony, Contact me via email- Lori.Rossi@Nemoves.com and I will be happy to refer a local ABR in your area.
0 votes Thank Flag Link Mon Dec 15, 2008
How would I find an Accredited Buyer Representative. It sounds like I really need one so I dont make a costly mistake.
0 votes Thank Flag Link Mon Dec 15, 2008
Where it states that the Buyer pays for all "transfer taxes", this is referring to the tax that is charged when the ownership of a property is transferred from the previous owner to you, the buyer. In typical sales, payment of the transfer tax is divided equally between the seller and the new buyer, but with foreclosed homes like this one, sometimes the buyer will need to pay the whole transfer tax and not just half; hence, the remark you see here. It does not mean that you will need to pay back taxes.

The answers to your questions are going to depend on the regulations of the area in which the property is located. The amount of the transfer tax, as well as the area's zoning requirements that would dictate which types of tests and permits are necessary, vary by location. FYI, there may also be additional fees you need to pay that are not mentioned here, depending on how you purchase the home (i.e., cash or mortgage, etc.). You would do best to contact an agent to represent you (I recommend an Accredited Buyer Representative). That agent will show you a complete lists of all the costs you would incur in the purchase of this home, before you sign a contract to purchase it. The agent will also be able to tell you what the area requirements for permits and tests are as well. Please feel free to contact me for help with the specifics, and good luck!
0 votes Thank Flag Link Mon Dec 15, 2008
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