Property Q&A in 11516>Question Details

Lore, Home Buyer in Queens, NY

what is transfer tax the buyer must pay?

Asked by Lore, Queens, NY Fri Jan 30, 2009

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Barbara is correct. If you paid the $305,000 asking price for this house, the transfer tax would be approximately $920. This is an REO property (real estate owned). It has been foreclosed upon and is being sold "as is". That means that in most cases the bank will not make any repairs. If you are considering buying this or any other REO or foreclosed property, I would HIGHLY recommend having a home inspection done. Even if a house may seem like a bargain, if there are major problems, the cost of repairs may be much more than if you would merely buy another home in good shape and merely mortgaging the additional cost rather than having to come out of your pocket all at once after you move in. You may want to look into FHA financing. They have loans available that include rehabilitation loans. If I can assist you further in finding a home, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Century 21 Princeton Properties
1 vote Thank Flag Link Sat Jan 31, 2009
Hi Lore

Traditionally, the seller pays the transfer tax at a closing in NY. More often, when you buy foreclosed property in NY, the bank will impose the buyer to pay the transfer tax.
The transfer tax in Nassau County is $4.00 per $1,000.00 of price, or 0.4% of purchase price. If the purchase price is $500,000, the buyer will have to pay $2,000 in addition to other closing costs.

Should you need more information, you can contact me at any time

Barbara E. Nowak
Charles Rutenberg Realty
516-232-6658 Direct
516-596-8921 Fax
1 vote Thank Flag Link Fri Jan 30, 2009
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