Curious T, Home Buyer in Brooklyn, NY

Transfer taxes?

Asked by Curious T, Brooklyn, NY Fri May 20, 2011

Is it normal for the buyer to pay Transfer taxes at closing? I was looking at tmy estinamted closing cost sheet and the numbers are pretty high.

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Mitchell Fel…, Agent, Brooklyn, NY
Fri May 20, 2011
Dear Curious T:

Sometimes the seller of property may request that the buyer pay the transfer taxes. This request usually would be made prior to you submitting an offer as a buyer. If that is the case your closing costs would be that much higher. You can always express to the seller that you are not willing to pay those transfer taxes, but the seller may refuse your offer or want more money on the sale priced based on that. Also, if you do not have the available funds to pay the transfer taxes then you simply cannot do it even if you wanted to. Everything in life is negotiable so put your best foot forward.

Here in Brooklyn closing costs are 1% of the sales price to the city if the sales price is $500,000 or less. For sales prices above $500,000 the city get 1.425% of the asking price. You also have state transfer tax which is .04% ($4.00 peer thousand) of sales price.

If the sales price is $1,000,000 or more the buyer also has to pay mansion tax which is 1% of the sales price. So keep that in mind if your going into the six figures!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
1 vote
Anna M Brocco, Agent, Williston Park, NY
Fri May 20, 2011
Is the property bank owned....Consult with your attorney and loan officer regarding any questions you may have relating to the good faith estimate; unless agreed otherwise, the seller pays transfer taxes.
1 vote
Gail Gladsto…, Agent, 11743, NY
Fri May 20, 2011
The Seller is supposed to pay transfer tax of $4 per $1000 of sales price.
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1 vote
Charles D'Al…, Agent, Brooklyn, NY
Fri May 20, 2011
Normal is sometimes change by the structure of the deal. Yes the seller can request buyers to pay seller closing cost it should be be there in the contract from the beginning. Most times the builder of new construction will ask for this also sponsors apartments in a co-op apartment ask for this as well. As for the #'s my colleague Mitch Feldman seems to have them down. For any other information ask your attorney or follow me or check out the link below.
0 votes
Jack Menashe, Agent, Brooklyn, NY
Fri May 20, 2011
Transfer taxes are dependent on a number of things. Usually they are paid by developers on new construction. On a resale it may vary. Everything is ultimately up for negotiation and based on the sale price of the unit.


Jack Menashe
0 votes
Christine Lo…, Agent, Sterling, MA
Fri May 20, 2011
Curious t,
As everyone has stated the seller pays the transfer taxes. However I found a good site with a good article that may help you find some answers.
0 votes
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