Real Estate Owned Properties Requesting Buyers To Pay Transfer Taxes In New York

Real Estate Owned Properties Requesting Buyers To Pay Transfer Taxes In New York

Due to a boom of Real Estate Owned (REO) sales in our area, all banks are requiring buyers to pay for transfer tax for sales exceeding $500. There is a lot of buyers inexperience in buying real estate. They are very eager to get the next BIG deal! As a professional guiding buyers in making the right decision, I like to present them with all the facts of a real estate transaction, which allows for them to make a decision based on facts, and emotional connection to a home. 

The transfer tax is a tax incurred by the city/county and state due to a sale of real estate property. It is a tax normally paid by the seller whenever he/she sells a real estate property. They are some exemptions of course to this example below, but this is the norm. Please visit the New York  City/County and State specific sites for further explanations; the examples below is only for NYC.In New York City, the transfer tax fee is 1% up to $500,000; after $500,001 the tax fee increases to 1.425%.  For more information, please visit NYC official site at http://www.nyc.gov/html/dof/html/business/rptt_refunds.shtml 

 As of the New York Transfer Tax, the tax incur is $2 for every $500 of the sales price and an additional 1% for sales over $1 million or more.  For more information visity NY official site at http://www.tax.ny.gov/bus/transfer/rptidx.htm 

 I hope this information helps you in your understanding and empowers you to make wise decisions in your next real estate transaction. 


If you want me to personally assist you, feel free to contact me. 


Al D. MorrobelRealtor®, SFR, CDPE 

#1 Source For All Real Estate Matters!

PantigaGroup, Inc 

1084 Morris Park Ave, 2nd Floor 

Bronx, NY 10461 

Cell: 917.282.2030 

Direct: 646.588.1730 

Office: 347.357.1114 

eFax: 866.460.1731 

E: al.morrobel@gmail.com 

My Website: http://aldavishomes.pantigagroup.com

 Follow Me On Twitter #BxRealtorLegend 


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Dated: July 1st 2015
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