I have to pay 2% transfer tax?
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