Under the New Jersey Realty Transfer Fee Act, who is generally responsible for paying the Realty Transfer Fee (RTF) at closing?
Correct Answer
B) The seller, as the party conveying title to the property
Under N.J.S.A. 46:15-5 et seq., the Realty Transfer Fee is imposed on the grantor (seller) at the time of recording the deed. The RTF is the seller's obligation because the fee is triggered by the act of conveying title, which is the seller's action. This is a fundamental NJ-specific rule that differs from transfer tax practices in many other states.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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