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Public sales record includes transfer tax?

Started by Dkua
over 14 years ago
Posts: 6
Member since: Jul 2010
Discussion about
I just looked up the public sales record of the condo I bought and the price is off. The price listed includes the transfer tax in the total sales price. Is this normal?
Response by NWT
over 14 years ago
Posts: 6643
Member since: Sep 2008

Yes. NYS and NYC tax the amount paid by the buyer. If the buyer agrees to pays the taxes, it's added to the amount paid, and that's what you see in ACRIS.

So, if you negotiate to $1,000,000 but don't notice the "buyer pays taxes" in the contract, you'd pay $1,018,585.

It used to be standard in sponsor and new-construction sales for the buyer to pay the taxes, and is so treated in the offering plan, but it's a factor in negotiation like anything else.

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