There are some other stipulations with the purchase any advice would be helpful. "Property sold "as is". Purchaser responsible for search,survey,and transfer tax." This is a double unit house in a decent area. I am interested in fixing it up and living in one unit renting the other.
2006-12-26 13:09:52 · 4 answers · asked by joshua b 1 in Business & Finance ➔ Renting & Real Estate
In NY the transfer tax is a tax paid by the seller to transfer title. It is approximately .004 x the final sales price. "As is" properties are usually in bad condition and may not be able to get traditional bank financing. If it is in such bad shape you might have to purchase all cash.
2006-12-26 16:14:35 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
This is a tax, usually a percentage, based on the final sale price, levied by the town or county in which the property is located. If the sale price is lower then the assessed value, the tax is based on the assessment.
2006-12-26 13:27:55 · answer #2 · answered by Beau R 7 · 0⤊ 0⤋
This is a tax for "transferring" title. Since tax laws are different everywhere, talk to a specialized expert in your area.
2006-12-26 15:43:40 · answer #3 · answered by Skywalking 3 · 0⤊ 0⤋
As a fellow New Yorker I hate to break the information to you yet on new shape the builder will bypass the flow tax to you. you could calculate it via multiplying the sales fee via .004.
2016-10-28 10:39:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋