what is seller will pay tranfer property tax?

Asked by Willials, Brentwood, NY Sun Jul 25, 2010

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Lisa Palermo, Agent, Babylon, NY
Thu Jun 28, 2012
Good evening ..

in new york.. and i see you are from suffolk county... the seller is responsible to pay transfer tax.. it is equal to .oo4% of the sale price of the home..

Lisa Palermo
Coldwell Banker Residential
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Ralph Windsc…, Agent, Hauppauge, NY
Sun Jul 25, 2010
In most instances, the seller in New York will pay NYS transfer tax. In some cases, some short sales and foreclosures, the bank or seller may require - as part of the transaction - that the buyer pay the transfer tax. However, it should be disclosed on any listing offered for sale. Good luck in your home search. If you're not currently working with a buyer's agent and are considering representation, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Senior Real Estate Specialist
Century 21 Princeton Properties
In the to 2% of Century 21 agents Nationwide!
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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sun Jul 25, 2010
In NY, it is the seller's responsibility to pay the transfer tax on a sale. The only time the buyer will pay is if it is new construction, a short sale, or a foreclosure. So, if you are looking at new construction, and it says the seller will pay, you are saving. However, depending on the price of the house, that may not be that big a deal because the transfer tax is $4 per thousand. It is your other closing costs that will really add up, between title insurance, mortgage tax, escrows, bank fees, bank attorney, and your attorney. If you would like an estimate on what your closing costs will be on a specific purchase price and loan amount, please contact me and I will be happy to review this with you.

Robin Silverberg
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