Posted on: 09th Jul, 2011 01:40 pm
is anyone familiar with transfer tax in pa? my home is in my parents name & me & my fiancee want our house in our name. we're hoping to do a refi & at settlement do a quit deed & get my parents name off deed & our names put on deed & new mortgage will be in our name so parents will no longer be involved.
i know their is no transfer tax from my parents to me since i'm their daughter, but confused about my fiancee since we are not married. he will only be 50% owner of the property, how much transfer tax will have to pay? usually pa charges 1% & our county 1%.
would that be 1% buyer & 1% seller for transfer tax on him instead of 2% each if i had to pay it also or would it be .5% each (1% total) since he'll only own 1/2 property & i don't have to pay any transfer tax. i'm confused.
is their a way to have deed transferred to us & we refi mortgage in our name & avoid paying this tax?
i know their is no transfer tax from my parents to me since i'm their daughter, but confused about my fiancee since we are not married. he will only be 50% owner of the property, how much transfer tax will have to pay? usually pa charges 1% & our county 1%.
would that be 1% buyer & 1% seller for transfer tax on him instead of 2% each if i had to pay it also or would it be .5% each (1% total) since he'll only own 1/2 property & i don't have to pay any transfer tax. i'm confused.
is their a way to have deed transferred to us & we refi mortgage in our name & avoid paying this tax?
Hi jib,
The amount of transfer tax will depend upon your state laws. If the law states that PA should charge 1% and the county 1%, then that amount will be charged from you. It will be better if you could contact a tax adviser and take his opinion in this regard.
Thanks
The amount of transfer tax will depend upon your state laws. If the law states that PA should charge 1% and the county 1%, then that amount will be charged from you. It will be better if you could contact a tax adviser and take his opinion in this regard.
Thanks
Why don't you try to let an expert evaluate your situation. The information you gave is not really sufficient to come up with the right solution. We need to see the different sides of the situation you are into and have the analysis for the best solution for your concerns.
