Tax Closing Costs

When you are selling a home, there will be certain taxes that will be part of your typical closing costs, including but not limited to:

Property Taxes:

This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property...generally from January 1st until the day of closing. 

Transfer Taxes and Recording Fees:

There is a cost for transferring ownership of the property and recording the purchase documents. Local and State government agencies typically charge a fee for transferring title in the form of documentary stamps on the deed, intangible taxes, transfer taxes and recording fees. The fee is most often calculated as a percentage of the sales price.

If you should need assistance or have any additional questions, please contact Joe Bornstein, 877-333-2811 or