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What does it mean when a listing says...
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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What does it mean when a listing says...
When the listing says....
Sold As-Is W/ No Representation Or Warranties. Buyer To Pay Transfer Tax.
What does that mean to me as a buyer?
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Posted 7/21/09 6:12 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What does it mean when a listing says...
that the house is a foreclosure
the transfer tax thing is confusing- I was showing a house with this in the listing
the buyer always pays the transfer tax- it's part of the closing cost
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| Posted 7/21/09 6:18 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: What does it mean when a listing says...
i thought that the seller always paid the transfer tax?
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| Posted 7/21/09 6:20 PM |
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Re: What does it mean when a listing says...
it means that the listing is either a short sale or foreclosure and the bank will not make any changes or representations to the condition of the house. the bank also will not pay the transfer tax (which is usually paid by the seller) so the buyer is left to pay it. its .4% of the agreed on sale price.
Message edited 7/21/2009 6:24:21 PM.
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| Posted 7/21/09 6:23 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: What does it mean when a listing says...
It is a foreclosure and usually the seller(s) pay tranfer tax...but in this case it's the buyers...which could be alot!
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| Posted 7/22/09 12:56 PM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: What does it mean when a listing says...
Posted by rkoenke
i thought that the seller always paid the transfer tax?
the seller usually pays the transfer tax- in New York it can be quite pricey. Its also not necessarily a foreclosure- I have seen other properties do that as well that are not foreclosure
eta- transfer tax info for NY
NYC Transfer Tax:
Residential:
Up to $500,000 = 1%
$500,000+ = 1.425%
Commercial:
Up to $500,000 = 1.425%
$500,000+ = 2.625%
Admin. Fee:
Non-Deed Transfers (i.e., Co-ops) = $50
Residential Deed Transfers= $75
Commercial Deed Transfers = $165
NY State Transfer Tax: $4 per $1,000 of price
here is a link that has closing costs separated by buyer/seller- http://www.prudentialelliman.com/MainSite/Guide/NYCClosingCosts.aspx
Message edited 7/22/2009 1:02:00 PM.
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| Posted 7/22/09 1:00 PM |
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