As I search for an REO deal, I notice most banks are saying the buyer pays transfer taxes, my question is, are the talking about only the transfer taxes, or all taxes like city (which is usually the most expensive), state, TASF, etc… Thanks in advance
I believe transfer tax is a tax in and of itself.
“…In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property. This kind of tax is typically imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate…”
Transfer tax-The state or local tax payable upon the transfer of a title.