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Loosey, Other/Just Looking in Middle Village, Queens...

In a short sale who pays the transfer tax if it is not defined in the contract?

Asked by Loosey, Middle Village, Queens, NY Thu Mar 19, 2009

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5
ask your attorney and check with the listing agent
0 votes Thank Flag Link Wed Mar 7, 2012
After all the advice you Received from my colleagues, How did it go?
0 votes Thank Flag Link Sun May 22, 2011
The Listing agent normally prepares a HUD1 (settlement statement) for the bank to review prior to them signing off on any approvals. As part of the process the bank may agree to have the transfer tax paid out of the sales price thereby reducing the amount of money they would receive. In other cases they may only approve is the buyer pays the closing cost. This should be clearly communicated during the approval process with the bank.
0 votes Thank Flag Link Wed May 12, 2010
In forclosures the bank expects the buyer to pay the transfer taxes, If you have an attorney which im assuming you do,I agree with Anna ask your attorney .The seller may not be willing or able to cover the transfer taxes as they are walking away with empty hands.Do you have an attorney? If not Ill refer you too one of many I deal with on a regular basis. They only practice real estate and are reasonably priced .(provided no other Realtor is involved in your transaction)
0 votes Thank Flag Link Tue May 11, 2010
Check with your attorney.
0 votes Thank Flag Link Thu Mar 19, 2009
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