Comments on: Home cash purchase sales tax?

By: tro

tro — Wed, 03 Mar 2010 17:38:59 +0000

there is no sales tax on the purchase of a home
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By: garyg7

garyg7 — Wed, 03 Mar 2010 17:16:59 +0000

Real property isn’t subject to sales tax in most of the US. Each state and county have different taxes that may apply. There are real estate transfer taxes, registration fees, etc. A real estate broker should be able provide you with an estimate. A real estate lawyer is another source if you’re not using a broker. (You really need to use a lawyer. The lawyer’s office handles title searches and other services to make certain the property is clear of liens or use restrictions.)

Real estate commissions are usually 6% of the sales price. A ballpark figure for other expenses is about 1%. You may also have to reimburse the seller for taxes that have been paid for the portion of the year you will own the property.

I hope this helps.
Gary
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By: Jean

Jean — Wed, 03 Mar 2010 16:47:59 +0000

Not sure about your state, but generally a home is considered real property. It is not subject to sales tax. There are property taxes to be considered which you should be able to find on the county website. Good luck in your new home.
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