Real Estate Transfer Tax in New York State NY - To be paid by seller or buyer?
I am considering purchasing a home in Nassau County, Long Island (New York State). However, I would like to know if I am supposed to pay the Real Estate Transfer tax, or if the seller of the home is. The house is brand new construction, and we are purchasing it straight from the builder. Thanks.
Public Comments
- im also in this dilema..can any1 let us know what is a transfer tax and is it pay by the buyer or seller? it would be great if someone that live in ny can also gives us this answer and what is a rough estimate on the taxes? thx in advance. tianaramal: what happen if it is not a newly build constructions? then who pays for it? seller or buyer?
- As a fellow New Yorker I hate to break the news to you but on new construction the builder will pass the transfer tax to you. You can calculate it by multiplying the sales price by .004.
- I am in the same boat, the person I am working with said we (buyer) would have to pay the transfer tax since it is a new construction, usually the seller is the one who would pay it since it is an old house. They quoted that we would have to pay 1.825% of the sale price of the home, which is actually a lot of money based on your home price.
