Transfer tax (Nassau, Accord: sale, real estate, house)

[Relocation2017]

Who pays transfer tax for homes bought in Nassau county ? Buyer or seller ? Agent is dual agent getting different answers. NY state website says seller does though a random google search says buyer does.

[VA Yankee]

According to the state the seller pays but they may be exempt or if they don't pay the buyer must. https://tax.ny.gov/bus/transfer/rptidx.htm.

Seems rather ambiguous for a state tax law.

[Relocation2017]

Yes leads to an added cost if buyer has to pay

[nuts2uiam]

We sold 4.5 years ago and we paid the tax.

[ave1024]

Seller pays transfer tax in NYS.

[Relocation2017]

Thanks - to conform seller has to pay the "transfer tax" also called as "mansion tax" for properties more than 1 million.

[twingles]

Your realtor sounds like s/he's on the ball. Good luck.

[WantLessTaxes]

Yes seller pays with the typical exception being new construction where the builder typically has the buyer pay.

[Relocation2017]

Who pays the tax

The tax is paid by the grantor (seller). However, if the grantor doesn't pay the tax, or is exempt from the tax, the grantee (buyer) must pay the tax.

The additional 1% real estate transfer tax is paid by the grantee. If the grantee is exempt, the grantor must pay the tax.

Tax rate

Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration.

An additional real estate transfer tax (sometimes referred to as the "mansion tax") of 1% of the sale price applies to residences where consideration is $1 million or more.

https://tax.ny.gov/bus/transfer/rptidx.htm

Well......seems the mansion tax is paid by the buyer(grantee) for property more than 1 million.

[nuts2uiam]

Guess I missed the part about the house being over a million.