A state or local tax that a buyer or seller has to pay when property changes ownership.
The seller usually has to pay the transfer tax, which is paid on the closing date. The rules on how it is calculated vary from state to state, but usually it is based on the property's purchase price.
Some cities will also add a tax on top of the transfer tax.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Monday, March 26, 2007
