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Updated almost 11 years ago,

User Stats

98
Posts
6
Votes
Mubasher Riaz
  • Real Estate Investor
  • Ypsilanti, MI
6
Votes |
98
Posts

Real Estate Transfer Tax, any way around it?

Mubasher Riaz
  • Real Estate Investor
  • Ypsilanti, MI
Posted

I own a land contract property with balance left of $40K however my landlord said if I can pay $30K cash up front, the property can be mine, so I called my title company to ask as far as closing protocol on the house, she said besides the $16 for registering to the county under my name, there is something called real estate transfer tax credit which is around $1118.00, so after mentioning this to my landlord he told me I have to pay that amount not him, and he backed out from the initial 30K deal, so I wanted to ask BP community if there is a way around this real estate transfer tax game, what can be done? I am ready to buy it out for 30K just do not want to pay this fee associated with it. Thank you.