Realty Transfer Tax Statement Of Value With Mortgage
Description
How to fill out Pennsylvania Realty Transfer Tax Statement Of Consideration?
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FAQ
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.
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.
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.
Some real estate transfers are exempt from realty transfer tax, including certain transfers among family members, to governmental units, between religious organizations, to shareholders or partners and to or from nonprofit industrial development agencies.
Who pays the tax. The base tax and additional base tax are paid by the grantor (seller), and such tax shall not be paid directly or indirectly by the grantee (buyer) except as provided in a contract between seller and buyer.