QUESTION
who is responsible for transfer taxes?
Asked on Jul 13th, 2017 on Residential Real Estate - New York
More details to this question:
Any laws govern whether the seller or buyer is responsible for the transfer taxes. The buyer won the bid on a condominium in Manhattan at foreclosure auction. However, both judgement and term of sale are indicating buyer has to pay for the transfer taxes. In such situation, is the buyer responsible for the transfer taxes? If you can reply to the email. Your time will be greatly appreciated. Best regards, Sa Chen
1 ANSWER
1 Award
In a foreclosure, the buyer pays the transfer taxes. However, there are no taxes to record a referee deed, just the fee.
Answered on Jul 15th, 2017 at 7:33 AM