A seller in Hoboken, New Jersey sells her condominium for $850,000. At closing, the settlement agent calculates the Realty Transfer Fee. Under New Jersey law, who is primarily responsible for paying the Realty Transfer Fee on this transaction?
Correct Answer
B) The seller, because the RTF is imposed on the grantor recording the deed
Under the New Jersey Realty Transfer Fee Act (N.J.S.A. 46:15-5 et seq.), the Realty Transfer Fee is imposed on the seller (grantor) at the time of recording the deed conveying real property. The RTF is calculated on a graduated sliding scale based on the consideration paid and is generally the seller's obligation at closing.
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Related Concepts
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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