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  • 1.  Transfer taxes on new construction?

    Posted 01-17-2023 01:37
    Edited by Lydia Ruggiero 01-18-2023 23:22
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  • 2.  RE: Transfer taxes on new construction?

    Posted 01-18-2023 02:37
    It's important to remember that the transfer taxes are still the responsibility of the seller as a matter of law. Only the contract of sale shifts the responsibility for that payment so in your scenario it really does depend on what the contract says. It can be done either way.--
    Benjamin M. Adams, Esq.

    Adams Law Group LLC
    98 Lafayette Avenue
    Suffern, NY 10901
    888-738-0088 (tel)
    917-565-9400 (fax)



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  • 3.  RE: Transfer taxes on new construction?

    Posted 01-18-2023 08:39
    By statute (NY Tax Law Section 1401) the tax is payable by the Grantor unless otherwise stated in the contract of sale. So even though it is customary for a Grantee to pay the tax on new residential construction, the contract of sale still needs to state that the Grantee pays the transfer tax.
    You need to look to the contract for your answer.

    ------------------------------
    Karen Hagen
    Attorney
    Karen J. Hagen, Attorney at Law
    Riverhead NY
    +1 (516) 982-2112
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