I am wanting to sale a house. I have been told that California holds 3% of the sale price until the end of the year. Is this true?
2006-06-13 01:43:51 · 3 answers · asked by pegleg 1 in Business & Finance ➔ Renting & Real Estate
I think you are thinking of the realtors fees. Escrow wil hold the fees. I do not think it is an official state function but I could be mistaken.
2006-06-13 01:46:18 · answer #1 · answered by DramaGuy 7 · 0⤊ 0⤋
What you are probably referring to is realtor fees and they are paid at the close of escrow but 3% is a negotiable number, that is just more along the lines of a standard percentage realtors work for.
2006-06-13 09:19:46 · answer #2 · answered by nickhawkins21 3 · 0⤊ 0⤋
actually 3 1/2% for state taxes if it is an investment property or if you are over the exempted amount of capital gains ($250k for single and $500k for married)
2006-06-13 18:51:01 · answer #3 · answered by mdk 2 · 0⤊ 0⤋