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A real estate transfer tax, sometimes called a deed transfer tax or documentary stamp tax, is a one-time tax or fee imposed by a state or local jurisdiction upon the transfer of real property.
And legally speaking, it can be very difficult to do so once a real estate contract has been signed. The language of real estate contracts is typically written to protect buyers.
In the USA, total transfer taxes can range between very small (for example, .01% in Colorado) to relatively large (4% in the city of Pittsburgh). [2] [3]Some U.S. states have a variety of transfer tax laws which may include specific exemptions for certain types of buyers based on buying status or income level.
Real estate transfer tax can be appointed by the authorities of state, county or commune when a real estate property is being transferred within a certain jurisdiction. Subjected to the tax is usually the act of transfer of legal deeds, certificates and titles to a property that are being shifted between the seller and the buyer.
First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
Dinger Family Woodland Irrevocable Living Trust Agreement to Lawrence and Lisa Zimmerman, approximately 16 acres of land in Millcreek Township, $1 (Pennsylvania Real Estate Transfer Tax paid on ...
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