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Updated almost 10 years ago on . Most recent reply

User Stats

240
Posts
22
Votes
Jimmy S.
  • Investor
  • lehigh valley, PA
22
Votes |
240
Posts

I have to pay 2% transfer tax?

Jimmy S.
  • Investor
  • lehigh valley, PA
Posted

I bought a bank owned home and I was under the impression I only had to pay 1% transfer tax.  On my end of contract just a normal contract says buyer and seller will split the transfer tax. The bank is the seller. Now its an executed agreement of sale and bank want me to pay the 2% transfer tax and is adding an addendum to the contact.  My realtor said normally the buyer does pay the 2% transfer tax on bank owned homes buy I was not aware of this before making an offer or even after it was accepted. My mortgage person told me about it.

Its an additional $1,350.00 so its a nice chunk of money. How would you handle this? I dont want to pay it but I will if it means I don't get the house I will. Just seems shady to me...

Thanks

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