Real Estate Terms Dictionary
Real Estate Transfer Tax (NY State)
Definition of 'Real Estate Transfer Tax (NY State)'
The real estate transfer tax is a type of tax imposed by the state on transfers of property or interests whose value exceeds $500.
What is a Real Estate Transfer Tax in NY State:
In most cases, it is the seller who pays the real estate transfer tax. However, if for certain reasons the seller is exempt, then the buyer must pay it. In any of these cases, the form that should be filed with the local county clerk after the deed documents are recorded is Form TP-584.
Here's a real-life example from one of the properties researched on PropertyShark:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.