Realty Transfer Tax Statement Of Value With Affidavit
Description
How to fill out Pennsylvania Realty Transfer Tax Statement Of Consideration?
It’s obvious that you can’t become a law expert immediately, nor can you learn how to quickly draft Realty Transfer Tax Statement Of Value With Affidavit without having a specialized background. Putting together legal documents is a time-consuming process requiring a particular education and skills. So why not leave the creation of the Realty Transfer Tax Statement Of Value With Affidavit to the professionals?
With US Legal Forms, one of the most comprehensive legal template libraries, you can access anything from court documents to templates for in-office communication. We know how important compliance and adherence to federal and local laws are. That’s why, on our platform, all templates are location specific and up to date.
Here’s start off with our platform and obtain the document you require in mere minutes:
- Discover the form you need with the search bar at the top of the page.
- Preview it (if this option provided) and read the supporting description to figure out whether Realty Transfer Tax Statement Of Value With Affidavit is what you’re looking for.
- Begin your search over if you need any other template.
- Register for a free account and select a subscription option to buy the template.
- Pick Buy now. Once the transaction is through, you can download the Realty Transfer Tax Statement Of Value With Affidavit, complete it, print it, and send or send it by post to the necessary people or entities.
You can re-gain access to your forms from the My Forms tab at any time. If you’re an existing client, you can simply log in, and find and download the template from the same tab.
No matter the purpose of your documents-whether it’s financial and legal, or personal-our platform has you covered. Try US Legal Forms now!
Form popularity
FAQ
Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing. Both grantor and grantee are held jointly and severally liable for payment of the tax.
The tax is usually split evenly between the buyer and the seller, but this is not a legal requirement. The City has the right to collect 100% of the tax from either party, so it's in the best interest of the buyer to make sure the tax is paid in full at the closing of the sale.
Exemptions. Some transactions are exempt from Transfer Tax. Some examples would be conveyances between husband and wife, parents and child, grandparent and grandchild, brothers and sisters. A one-time transfer is allowed between former spouses.
This amount?which is often calculated as $1.10 per $1,000 of property value or consideration paid?is reduced by any outstanding mortgage or other encumbrance on the property when it is transferred. In addition to the county rate, cities may impose additional documentary transfer taxes.
The 2% Transfer Tax is paid at the time of recording. State and local governments do not stipulate who pays the Transfer Tax. In most sale agreements, the seller and buyer divide the tax. However, the new owner is responsible if there is any question over the amount paid.