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MK2010
LIF Toddler
Member since 7/10 401 total posts
Name:
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Seller's Concession
Does the buyer have to pay taxes on seller's concessions?
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Posted 7/3/12 3:42 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: Seller's Concession
The sellers concession will gross up the purchase price thereby increasing the transfer tax that the seller has to pay to the state. The buyer will have to reimburse the seller for the increase in tax attributable to the sellers concession. For example, if the agreed upon price is $400,000.00, the transfer tax on Long Island is $1,600.00. If you added a $10,000.00 sellers concession the tax becomes $1,640.00. The buyer pays the seller via closing adjustment a net of $40.00.
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| Posted 7/5/12 5:43 PM |
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MK2010
LIF Toddler
Member since 7/10 401 total posts
Name:
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Re: Seller's Concession
Thank you!
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| Posted 7/6/12 11:36 AM |
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