| What is a Transfer Tax? |
|
|
A transfer tax is a local or state tax that is paid when the ownership on a property changes hands. The transfer taxes are usually one-time fees that are paid at the time of closing (close of escrow). What types of transfer taxes are applicable, how much are the transfer taxes and who pays it (buyer, seller or spit 50/50 by buyer & seller) is determined by the geographic location of the property and what is customary in the area. planetRE assists agents in calculating these transfer taxes, while preparing Net Sheet for sellers and Estimated Closing Costs for buyers.
|
|
Top
|
| What is County Transfer Tax? |
|
|
County transfer tax is a one-time tax charged by the county when the ownership on a property changes hands. County transfer tax is paid at the time of closing (close of escrow). The amount of tax charged and who pays for it (buyer, seller or split 50/50 by buyer & seller) is determined by the geographic location of the property and what is customary in the area. planetRE assists agents in calculating county transfer tax, while preparing Net Sheet for sellers or Estimated Closing Costs for buyers.
|
|
Top
|
| What is City Transfer Tax? |
|
|
Some of the cities charge a one-time tax when the ownership on a property changes hands. City transfer tax is paid at the time of closing (close of escrow). The amount of tax charged and who pays for it (buyer, seller or split 50/50 by buyer & seller) is determined by the geographic location of the property and what is customary in the area. planetRE assists agents in calculating city transfer tax, while preparing Net Sheet for sellers or Estimated Closing Costs for buyers.
|
|
Top
|
