Youtube daily report Nov 26 2018

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For more infomation >> Most Stunning Seabreeze Park Model Perfect for Farmhouse-inspired Living - Duration: 2:11.

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Real Estate Tranfer Tax - Duration: 3:10.

What exactly is real estate transfer tax? Well, that's what we're talking about today and we are starting right now!

Hey everyone, welcome to my channel. My name is Cori.

I'm a full time realtor right here in Monmouth County New Jersey with RE/MAX Central and Monmouth County Dream Homes. If this is your first

time here,

I try to publish new videos every Monday and I talked about some really cool stuff, pretty much covering everything with real estate

And what's happening in Monmouth County.

Real estate transfer tax. What is it?

There's really an easy answer. All real estate transfer tax is, is a tax that is imposed

for the transferring of property from one person to another. The tax is imposed when a deed is transferred.

Keep in mind a deed can't be recorded until the entire transfer tax is paid in full.

The transfer tax is normally paid by the seller at the time of closing . In addition to the sellers responsibility

to pay the transfer tax,

there is a 1% tax that can be imposed on all properties that are sold over a million dollars, known as

Mansion or the Millionaire's Tax.

This 1% is usually paid by the buyer at the time of closing.

Keep in mind, I did say the buyer. This 1% tax on the million-dollar homes plus is

NOT covered by the seller. At that time, the responsibility does shift to the buyer. There are discounted rates for senior citizens,

disabled and low-income.

Let's go take a quick peek and see what those examples are:

There is no tax for transfers in certain situations including but not limited to

transfers of less than $100

Transfers to the US government

Corrective deeds fixing a prior deed a sale related to delinquent taxes

Transfers between husband and wife or parent to child and

Transfer by will

There are a few other examples when these exemptions are used.

Please check with Real Estate professional and they can help you figure out an advise prior to closing.

So there you have it quick and easy

Real Estate Tansfer Tax is simply a tax imposed for the transferring of property from one person to another

Don't forget to check the

Calculator that I put in the comments below so you can try to figure out what the tax would be if you're looking to sell

your house.

Thank you so much for watching again. My name is Cori

I'm a full time realtor in Monmouth County New Jersey with RE/MAX Central and Monmouth County Dream Homes.

If you're thinking about buying or selling in the area, I'd love to speak with you.

You can always get in touch with me right here by leaving a comment or check out my website

www.monmouthcountydreamhomes.com Thanks again, Catch you on the next one!

For more infomation >> Real Estate Tranfer Tax - Duration: 3:10.

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