Here They Come (Plymouth: real estate, mortgage, attorneys)

[BtownMaine]

Originally Posted by Northern Maine Land Man

$2.20 per thousand won't kill you. If you can afford that $250,000 property, you can afford the $550 transfer tax.

Just say in...folks who use lg amounts of gold/cash are looking to avoid things like taxes and paper work

[Northern Maine Land Man]

And loan fees, mortgages, interest and hassles.

"One dollar and other good and sufficient payment"

[Submariner]

Originally Posted by BtownMaine

its the transfer tax that will kill yah

Originally Posted by Northern Maine Land Man

$2.20 per thousand won't kill you. If you can afford that $250,000 property, you can afford the $550 transfer tax.

When I bought our land in Argyle, I paid an attorney to do the title search and provide title insurance, and he filed the new deed. He charges a flat fee of $200.

When do you have to pay this 'transfer fee'?

Is there a tripwire somewhere that if you trip over it, then suddenly you must pay this extra tax?

[maine4.us]

I have to ask, why is there any tax on any land transfer, anywhere? I could understand a tax being on the difference from what you bought it for, and what you sold it for.....other than to just collect a tax......same way with closing costs....they exist because people will pay them....just really curious...

[jdhpa]

Originally Posted by maine4.us

I have to ask, why is there any tax on any land transfer, anywhere? I could understand a tax being on the difference from what you bought it for, and what you sold it for.....other than to just collect a tax......same way with closing costs....they exist because people will pay them....just really curious...

It's just a way to raise revenue. I guess they figure you're already spending a lot and won't notice a few hundred or thousand dollars of fees on top of it.

As I always say, though, it isn't the taxes you have to watch, it's the spending. Governments will take in taxes by some means whatever they spend. So if you want to minimize taxes, minimize spending. Fixating on specific taxes won't keep taxes overall down, fixating on spending will.

[Maine Writer]

Originally Posted by Submariner

When I bought our land in Argyle, I paid an attorney to do the title search and provide title insurance, and he filed the new deed. He charges a flat fee of $200.

When do you have to pay this 'transfer fee'?

Is there a tripwire somewhere that if you trip over it, then suddenly you must pay this extra tax?

Transfer tax is paid at closing, and the money is handed over to the Registry of Deeds when the deed is registered.

[Submariner]

Originally Posted by Maine Writer

Transfer tax is paid at closing, and the money is handed over to the Registry of Deeds when the deed is registered.

There is like a $5 or $7 fee for registering a new deed.

[Maine Writer]

Originally Posted by Submariner

There is like a $5 or $7 fee for registering a new deed.

It used to be $6 for the first page and $2 for each additional page. I don't know what it is now, haven't worked there for a long time.

[Northern Maine Land Man]

Now some counties are recording deeds electronically.

[WhoFanMe]

Transfer tax is (f.k.a tax stamps and you can see the actual stamps on some old deeds) is based on the sales price of the home divided by 500 multiplied by $1.10 for each side. When properties were selling for $20,000, it was a very small fee.

A $250,000 purchase would be 500 x $1.10 for a total of $550 for the buyer and $550 for the seller. Everything in real estate is negotiable and often with a bank owned property, the buyer will be forced to pay both halves. Also a savvy negotiator on the buyer side will have the seller pay both halves. As the market cools off, this may become more common.