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Stephybaby
Love my two girls!!
Member since 11/07 1966 total posts
Name:
Stephy
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Transfer tax on GFE?
I am closing next week and saw that the transfer tax appears on my GFE? Does that mean I am responsible for it? I never agree to pay that!
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Posted 3/18/11 12:50 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Transfer tax on GFE?
Posted by Stephybaby
I am closing next week and saw that the transfer tax appears on my GFE? Does that mean I am responsible for it? I never agree to pay that!
Closing on a house you are selling or buying?
If you are selling you pay the transfer tax. But there are instances I believe that the buyers could be repsonsible, i am sure someone on here that is an expert could explain. I want to say in shrt Sale situations maybe
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| Posted 3/18/11 7:24 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Transfer tax on GFE?
Seller normally pays the transfer tax in NYS.
Are sure it's transfer tax and not mortgage tax?
Is it new construction? Lots of times, the buyer pays in New Construction.
it must be listed in your contract..check that out.
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| Posted 3/18/11 9:13 AM |
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Stephybaby
Love my two girls!!
Member since 11/07 1966 total posts
Name:
Stephy
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Re: Transfer tax on GFE?
I'm buying....not a new construction or short sale or foreclosure
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| Posted 3/18/11 9:56 AM |
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acm1899
LIF Adult
Member since 1/11 1085 total posts
Name:
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Re: Transfer tax on GFE?
The seller 'usually' pays the transfer tax, but a buyer can also be responsible for it. I think though, that it's supposed to be predetermined before the closing. Did your attorney talk to you about it at all?
By the way, if you pay it, the transfer tax isn't deductible for tax purposes. You have to add it to your cost of the house.
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| Posted 3/18/11 10:05 AM |
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