Hello Folks,
Ready to close on a condo on the North Coast next week. But I am unclear on how the Transfer Tax is to be calculated. Is it based on the assessed value of the property or the purchase price if that is higher ?
I've seen from other posts that the tax is 3%. Also can someone tell me if there is any tax (beyond a small doc fee) on the mortgage loan or lien being established on the property at purchase in addition to the 3% transfer tax and the 1% document fee ?
Thank you in advance for any helpful advice.
John
Ready to close on a condo on the North Coast next week. But I am unclear on how the Transfer Tax is to be calculated. Is it based on the assessed value of the property or the purchase price if that is higher ?
I've seen from other posts that the tax is 3%. Also can someone tell me if there is any tax (beyond a small doc fee) on the mortgage loan or lien being established on the property at purchase in addition to the 3% transfer tax and the 1% document fee ?
Thank you in advance for any helpful advice.
John