Transfer Taxes New Home
 

When you purchase a new home in The Villages, it seems you pay the transfer taxes. In most real estate sales, doesn't the seller usually pay this fee?

When I bought my new house from The Villages, the seller paid the transfer taxes, which was 0.7 percent of the sales price. This was on Line 1203 of the standard Villages settlement statement.

Interesting...my closing cost details from bank show buyer paying.

Is it a local bank and title company? The reason I ask is that we just closed on a house in October and thankfully the title company was local to the Villages and had done a lot of closings. The bank we used hadn't done a mortgage for the Villages and had no clue about the bond, etc.... The title company hashed everything out. And the seller did pay.

You can build pretty much whatever you want into your purchase offer. You can tell them "You're asking for $150k plus closing costs. Instead of me lowering my offer to buy, I'll give you the $150k but YOU have to pay all the closing costs." Or you can say "I'll give you $147 and pay the closing costs."

Just build the expected costs into your negotiation of the purchase.

We bought a pre-owned that was listed with TV and the seller paid the transfer fees. I'm pretty sure it's in the standard contract.

On a new home purchase in The Villages, there isn't much negotiation. My purchase was a cash sale. At the closing, I paid the purchase price, and a prorated amount for the amenities, bond, maintenance, and county taxes. The Villages paid all other costs associated with the sale. Also, I bought an owner's title insurance policy, but that was a separate transaction.

The is no negotiation/purchase offer when you buy new from TV, from my understanding.

Art any rate, I got an explanation from the loan officer. Part of the transfer fee is credited back by seller, but buyer pays transfer fees on the loan.

Transfer fees. Interesting. Regular taxes stop for the seller the day before the closing and the buyer begins paying taxes the day they close. Transfer fees are an additional fee charged over and above the agents feee to do paperwork, run to the county with the paperwork to change the ownership at the county etc. You can negotiate this provided you know about it in advance. You can shop around for different agents or if you act as your own agent, for a title company that offers a reasonable or no transfer fees.

All the title companies know which fees are paid by the seller and which are paid by the buyer. They also know which are split between the two parties. It’s nothing you need to worry about and it’s extremely well regulated.They can’t make different rules for different people.

Transfer fee
 

EVERYTHING is negotiable.

Not true. The transfer fees are paid to the Government, not to the agent or the title company. In Florida, they are set at 0.7 percent of the sales price. There is no way to reduce or eliminate them. They are listed as "Government recording and transfer charges, State tax/stamps" in section 1200 of the standard settlement statement. The money goes to the Government. The only thing that may be negotiable is who pays for them.

If you are doing the Purchase with a Mortgage it has to be listed as a Buyers Cost. There should be a credit somewhere on the Closing Staement from the Seller for that amount.

In a normal closing the seller pays for the State transfer tax which is $7.00 per thousand of sale price and normally supplies a owners title policy which the villages doesn't supply.. Then you have your pro rata that TV does pay..

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If by an owners title "policy", you mean a title insurance policy, that is not true. An owners title insurance policy is optional and must be purchased separately from a title insurance company. The state transfer taxes are state taxes and they have nothing to do with title insurance.

Negotiable, everything in a real estate sale is negotiable. Agents won't tell you this because the brokers teach them how the broker benefits( many real estate firms are connected to title companies). But know your rights before signing. I am amazed at the things I have seen and heard down here that if said or done in Mi.would have landed me in court with huge fines and loss of license.

Remember, you will pay interest on those closing costs though for the life of your loan.

Only true if closing costs are part of the loan.

What? If you are buying a new home from The Villages, the price, closing date, and who pays the closing costs are not subject to negotiation, at least on a cash sale. You either take it or leave it.