Posted by Redline on February 26, 2002 at 15:16:28:
and only transfers that can claim excemption to this transfer tax are from parent to child, for example. The tax would not have to be paid.
RL
New Jersey transfer fee? Double closing? - Posted by DougW
Posted by DougW on February 26, 2002 at 06:57:19:
Does anyone have any experience with double closings in the state of new jersey? I have yet to get a deal but I am getting close. I was told that in the case of a double close the realty transfer fee may be exorbitantly high and I should consider working around this. The question is : is this a reality or do I simply pass that on to my buyer?
Secondarily, how does one work around that?
Thanks
Re: New Jersey transfer fee? Double closing? - Posted by Ben (NJ)
Posted by Ben (NJ) on February 26, 2002 at 10:25:19:
The realty transfer tax is $ 1.75 per $500 of the first $ 150,000 of value. After that it is $ 2.50 per
$ 500.00 in excess of $150,000. I don’t know how to work around it other than stating it is the responsibility of the other party to pay it.
Re: New Jersey transfer fee? Double closing? - Posted by jackNJ
Posted by jackNJ on February 26, 2002 at 09:43:23:
What transfer fee? I have bought 5 houses in NJ and have never paid a transfer fee. I did pay one on a PA house I owned, but not in NJ. Is this something new or is there some special circumstance? By the way, the fee in PA was split between the buyer and the seller-1% each.