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Who Pays Transfer Taxes at Closing? - Peter Zinkovetsky
From Avenue Law Firm – Who Pays Transfer Taxes at Closing? dives deep into the practical realities of real estate transfer taxes within the New York market. Whether you’re buying or selling a co-op, condo, townhouse, or commercial building, this episode unpacks who is responsible for the state and local taxes at closing, and how those obligations can shift depending on circumstances.
In the first half, we’ll explore what the Real Property Transfer Tax (RPTT) and the Mansion Tax are, and how they apply in New York City and across New York State. From the standard base rate of $2 for every $500…
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