A complex transaction involves the sale of a property for $435,000 with the buyer assuming a $180,000 existing mortgage, paying $55,000 cash, and giving the seller a purchase money mortgage for $200,000. What is the New York State transfer tax?
Correct Answer
B) $1,740
New York State transfer tax is calculated on the total consideration (full sale price) regardless of financing arrangements. $435,000 ÷ $100 = 4,350 units. 4,350 × $0.40 = $1,740.
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A real estate attorney in New York is reviewing transfer tax requirements for a client's property sale. The attorney notes that New York's transfer tax system differs from some other states. What is a key characteristic of New York's transfer tax?
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All of the following transactions would be subject to New York State transfer tax EXCEPT: