Blog Category: transfer taxes

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Reduced Government Transfer Taxes for First Time Homebuyers

Government transfer taxes can consist of some or all the following: transfer tax, recordation tax, and tax stamps. These are one time taxes charged by a state or jurisdiction upon the transfer of real estate. They are based on the sales price of the real estate being transferred to the new owner. These taxes are simply a tax on the transfer of property.

If there is a mortgage on the new property, then there is also tax stamps or a recordation tax to record the mortgage. It may be customary in most areas for the buyer and seller to split these taxes. But it’s always good to check and see what is customary in your area, or if a seller expects those to be negotiated. Read More