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Old 06-22-2012, 04:55 PM
 
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Would someone be kind enough to tell me what the transfer tax is in North Carolina.

We have a closing in about 6 days and do not have the HUD statement.

Thank you in advance.
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Old 06-22-2012, 05:00 PM
 
Location: El Dorado Hills, CA
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Ask your escrow or title officer to do a estimated statement to close. It's not a HUD but will give you a very close estimate. Your agent can request it or if you have the contact, request it yourself. I always do that for my clients as soon as they list (seller) or get an offer accepted (buyer) and it takes the escrow person very little time.
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Old 06-22-2012, 05:05 PM
 
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Thank you Nina, that is why I am asking on here. I asked my agent already. Do you know the percentage for the state of North Carolina? In Pennsylvania, it was one percent of the sales price and I am just wondering what it is here. Thank you.
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Old 06-22-2012, 05:51 PM
 
Location: Cary, NC
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No transfer tax in NC. "Tax Stamps."

0.20% of the sale price.
I.e., $1.00/$500 or any part thereof.
$510 sale means $2.00 in Tax stamps.

A $400,000 sale yields tax stamps of $800. Typically paid by Seller.
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Old 06-22-2012, 05:53 PM
 
3,756 posts, read 8,206,881 times
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Quote:
Originally Posted by MikeJaquish View Post
No transfer tax in NC. "Tax Stamps."

0.20% of the sale price.
I.e., $1.00/$500 or any part thereof.
$510 sale means $2.00 in Tax stamps.

A $400,000 sale yields tax stamps of $800. Typically paid by Seller.

Thanks Mike!!!! You are awesome. I really appreciate the help here.
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Old 06-22-2012, 06:19 PM
 
Location: Long Island
9,037 posts, read 18,351,792 times
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Quote:
Originally Posted by MikeJaquish View Post
No transfer tax in NC. "Tax Stamps."

0.20% of the sale price.
I.e., $1.00/$500 or any part thereof.
$510 sale means $2.00 in Tax stamps.

A $400,000 sale yields tax stamps of $800. Typically paid by Seller.
Referred to as Transfer Tax in New York but rate is the same here!
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Old 10-20-2012, 12:24 PM
 
131 posts, read 111,512 times
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Quote:
Originally Posted by MikeJaquish View Post
No transfer tax in NC. "Tax Stamps."

0.20% of the sale price.
I.e., $1.00/$500 or any part thereof.
$510 sale means $2.00 in Tax stamps.

A $400,000 sale yields tax stamps of $800. Typically paid by Seller.

Mike,

Who pays this "Tax Stamp" in North Carolina (Forsyth County) ? Its listed as Transfer Tax on our GFE. You say "typically" seller pays it. So is there a possibility that we as a buyer in NC may be responsible for it incase the seller/builder does not agree to pay?

On our Estimated Closing Cost worksheet its listed that the seller will be paying it and when we recived the GFE, its listed under "The Buyer's estimated closing cost item # 8". When I asked our Mortgage officer, I got a reply as follows: "That is a cost traditionally paid by the seller. It should show correctly on the Estimated Settlement Cost Summary. On the GFE, it cannot specify that the seller is actually the payer…". Just want things to be clear when we go for closing.


I was reading you another post here: http://www.city-data.com/forum/real-estate/1569432-anyone-knows-who-responsible-transfer-tax.html. We are buying a new construction home and the builder used thier OWN Purchase Agreement and I do not see this mentioned in the Purchase Agreement.

Also another thing is that the Purchase Agreement mentions that we HAVE TO USE the attorneys listed by the seller. Is this normal?

Can you shed some light? Thanks.

Kim.

Last edited by notkim; 10-20-2012 at 01:04 PM.. Reason: Addition
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