Agent Maria is preparing closing documents for a property sale in Westchester County. The contract states that the seller will pay all transfer taxes. Which transfer taxes will the seller be responsible for paying?
Correct Answer
C) Both New York State transfer tax and any applicable local transfer taxes
When a property is sold in New York, both state and local transfer taxes may apply. The seller will be responsible for the New York State transfer tax of $0.40 per $100 plus any additional local transfer taxes imposed by Westchester County.
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More Ny Tax Law Questions
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- → All of the following transactions would be subject to New York State transfer tax at $0.40 per $100 of consideration EXCEPT:
- → Sarah is selling her home in Rochester, New York for $180,000. At closing, she notices the New York State transfer tax on her settlement statement. Who is responsible for paying this transfer tax?
- → Michael is purchasing a residential property in Buffalo for $950,000. His real estate agent explains the various taxes due at closing. Regarding the New York State mansion tax, which statement is correct?
- → Jennifer is purchasing a $2.8 million penthouse in Manhattan. Her attorney mentions that in addition to the New York State mansion tax, there may be additional NYC transfer taxes. Which statement correctly describes the tax obligations for this transaction?
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- → A buyer is purchasing a $750,000 condominium in Manhattan, New York City. In addition to the New York State transfer tax, what additional NYC transfer tax will be imposed on this transaction?
- → A real estate broker is preparing a net sheet for a seller of a $450,000 condominium in Queens, NYC. The broker needs to calculate the total transfer taxes that will be deducted from the seller's proceeds. What is the combined New York State and NYC transfer tax amount?
- → A seller transfers a Manhattan condominium for $850,000. Under NYC's Real Property Transfer Tax (RPTT), what is the total NYC RPTT owed at closing (statutorily imposed on the grantor)?
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A duplex property in Buffalo sells for $165,000. Calculate the New York State transfer tax due at closing.
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A property sells for $387,500 in Upstate New York. The buyer's attorney discovers that the initial transfer tax calculation was incorrect. What is the correct New York State transfer tax amount?