Who pays the transfer tax on a bank owned property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Who pays the transfer tax on a bank owned property?
How can the amount be reduced if the buyer has to pay? What fees/cost must the seller pay?
Asked on June 10, 2012 under Real Estate Law, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I think that you should seek help from an experienced real estate attorney as there are some open questions here about the status of the proerpty. Generally the transfer tax is paid by the grantor (seller). However, if the grantor doesn't pay the tax, or is exempt from the tax, the grantee (buyer) must pay the tax. That tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration. There is also an additional a 1% "mansion" tax for residences where consideration is $1 million or more. The additional 1% real estate transfer tax is paid by the grantee. If the grantee is exempt, the grantor must pay the tax. Sellers also pay realtor fees. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.