Home Buying in 10306>Question Details

Gina, Home Buyer in Staten Island, NY

purchasing a new house at $650,000-. is there a transfer tax between contractor and purchaser? if so what

Asked by Gina, Staten Island, NY Wed Feb 18, 2009

it the percentage? is there a doc. stamp tax as well

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Hi Gina,

Most builders require the buyers to pay the transfer tax (City tax) and doc stamps (state tax) .
You should check with the builder of the home or your Real Estate agent, if you are working with an agent.
It is best to know ahead of time if this is the case with your transcation.

The transfer tax for a new home that costs over $500,000 should be 1.47% of the purchase price. Up to $500,000 it's 1% of the purchase price when the selling price is higher, the tax goes up .

The doc. stamps is $4.00 per each 1,000 of the purchase price.

It is important that you check with your attorney and the builder because there may also be additional fees involved. Installing of the water meter, updating of the survey etc. Your lender and or your attorney will be able to supply you with a itemized list of all the closing costs.

The very best of good luck to you.
1 vote Thank Flag Link Wed Feb 18, 2009
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