Is a bank owned property required to pay the massachusetts stamp tax? EF

Asked by Ef, Brockton, MA Thu Nov 27, 2008

I'm buying a bank owned property & in the P& S the buyer might be required to pay the stamp tax. I wasn't sure if a bank owned property was required to pay the stamp tax. It will be about $675 because the house is selling for $150,000 but I'd like to know ahead of the closing. Thanks, EF

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Bill Gassett, Agent, Hopkinton, MA
Mon Apr 5, 2010
There is no mandate on who pays the tax just the fact that it gets paid.
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MaryBeth Mil…, Agent, Pembroke, MA
Sun Feb 22, 2009
Hello EF, Traditionally the Seller pays the tax stamps at closing out of the sellers funds, but like all other aspects of real estate this can be negotiated. It is mandated that the tax stamps MUST BE paid, it is not mandated by whom. Good Luck!
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Michael Giles, Agent, Beverly, MA
Thu Nov 27, 2008
Hi Ef,
In Massachusetts it is customary for the seller to pay the entire stamp tax but the buyer can pay if it will make the deal go through. The Bank can require you to pay them, however; it will be shown on the final HUD1 statement that the closing attorney should provide to you prior to the closing. This form will show the entire transaction figures and explain who is paying for each item. Best of Luck!
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Scott Godzyk, Agent, Manchester, NH
Thu Nov 27, 2008
Yes, even foreclosures must pay the transfer tax at closing. Usually it is split evenly between the buyer and the seller.
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