What is the real estate transfer tax in Philadelphia?

Buying or selling a home in Philly doesn't end with paying closing costs, attorney fees, or real estate agent commissions. There's also a 3.27% Philadelphia Realty Transfer Tax to take care of, in addition to a 1% tax from the Commonwealth.

US Legal Forms
Forms Kit
Agreements - Agreement Forms
Multi-State
Agreement for the Sale and Purchase of Residential Real Estate

Closing Property Title Format In Philadelphia

Q: What is the real estate transfer tax in Philadelphia?

Buying or selling a home in Philly doesn&#039;t end with paying closing costs, attorney fees, or real estate agent commissions. There&#039;s also a 3.27% Philadelphia Realty Transfer Tax to take care of, in addition to a 1% tax from the Commonwealth.

Category:

Real Estate - Home Sale

State:

Multi-State

County:

Philadelphia

Control #:

US-00447BG

Format:

Instant download

Description

The Agreement for the Sale and Purchase of Residential Real Estate outlines the process for closing property titles in Philadelphia. This form assists parties in establishing the terms of sale, including property description, purchase price, and financing conditions. Key features of the document include stipulations regarding earnest money deposits, contingencies for mortgage approval, and provisions for marketable title transfer via a general warranty deed. Users are guided to specify closing costs and prorate property taxes, ensuring clarity in financial responsibilities. The form also addresses breach of contract scenarios, detailing remedies available to both buyers and sellers. For attorneys, paralegals, and legal assistants, this form serves as a crucial tool in facilitating residential transactions, ensuring legal compliance, and protecting client interests. The document is especially useful for partners and owners by clarifying their obligations and expectations during the closing process. Overall, it streamlines the closing procedure, making it accessible even to those with limited legal experience.

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FAQ

It takes about two to three weeks. The papers are sent back to the person who records them in most cases a Title Company or Attorney. We require a self-addressed stamped envelope if they are to be returned by mail. 7.

No. A deed is binding even if it is not recorded. However, for numerous reasons, it is in your best interest to record it. One good reason: the former owner can go on getting mortgages, judgments and suits on your property, since records in the Office would show that he/she still owns it.

Buying or selling a home in Philly doesn't end with paying closing costs, attorney fees, or real estate agent commissions. There's also a 3.27% Philadelphia Realty Transfer Tax to take care of, in addition to a 1% tax from the Commonwealth.

To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own. We also recommend that you get title insurance.

Transferring property in Pennsylvania involves the following process: Determine the deed option you are using. Download and fill out the appropriate forms. Fill out the realty transfer tax forms. Sign the deed in front of a notary public. File the transfer with the office of the Recorder of Deeds.

To complete a house title search in Pennsylvania, you can hire someone to complete the search, visit the courthouse of the county where the property is located, or visit the county assessor.

How can I obtain information on a property/copy of my deed? You may research or request a copy of a property in our public Reference Room located in City Hall, Room 154. Copies of deeds are $2.00 per page.

What is the most important document at closing and why? The deed is the most important document because it transfers the property to the purchaser.