Posted by Ed Copp (OH) on April 08, 2002 at 19:45:51:
J.R.
I am not sure what state you are in, but in my state real estate transfers are taxed at the time of sale. This is called a conveyance fee (tax), and may be called tax stamps or something like that where you are.
The amount in my state varies from county to county, which helps keep the matter confusing. The amount in my county is $4 per $1,000 sale price, in other words a house that sells for $100,000 will be taxed $400 and then recorded. This amount will be stamped on the deed.
The problem is that all sales are not taxable. This is why your wholesale seller can keep the amount of purchase hidden from you. Here we use a sheriff’s sale, which is an exempt procedure. The sale price is not taxed and that info remains hidden. The way to find out is to have “been there” at the sale, or to ask someone who will tell you the truth. The info may be available from the office of the Sheriff, also.