What is real estate transfer tax in Philadelphia?

There's also a 3.27% Philadelphia Realty Transfer Tax to take care of, in addition to a 1% tax from the Commonwealth. The Transfer Tax is imposed on the property's sale price or assessed value, plus any debts (liens or judgments) the seller may have, which the buyer agrees to pay.

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Proposed acquisition of property

Philadelphia Pennsylvania Proposed acquisition of property

Name: Philadelphia Pennsylvania Proposed acquisition of property
Brand: US Legal Forms
Rating: 4.55 (366 reviews)

Category:

Corporations - Public - Transactions with Officers Directors or Insiders

State:

Multi-State

County:

Philadelphia

Control #:

US-CC-16-111

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Instant download

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This sample form, a detailed Proposed acquisition of property, is a model for use in corporate matters. The language may be very useful in drafting a similar document to fit your specific circumstances. Available in several standard formats.

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FAQ

The current fee to record a deed is $256.75, which includes surcharges. No charges are assessed for additional pages. Copies of recorded instruments are $2, and certified copies are an additional $2.

There's also a 3.27% Philadelphia Realty Transfer Tax to take care of, in addition to a 1% tax from the Commonwealth. The Transfer Tax is imposed on the property's sale price or assessed value, plus any debts (liens or judgments) the seller may have, which the buyer agrees to pay.

Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing. Both grantor and grantee are held jointly and severally liable for payment of the tax.

In Pennsylvania, there is a real estate transfer tax imposed by the state as well as the county in which the property is located. Pennsylvania imposes a 1% transfer tax on the value of the real estate being transferred, while Philadelphia imposes a 3.278% tax on the value of the real estate being transferred.

(6) Transfers between certain family members: (i) A transfer between any of the following: (A) Husband and wife. (B) A lineal ascendent-parent, grandparent, great grandparent and the like-and lineal descendent-child, grandchild, great grandchild and the like. (C) Children of the same parent-siblings.

The seller is liable for the real estate transfer tax, although it is not uncommon for an agreement to be reached for the buyer to pay the tax. Some states require that the buyer pay the tax if the seller does not pay it or is exempt from paying it.

What does it cost? The recording charge is set by the county and we charge a administative fee. For counties from Erie, Elk, Franklin and Centre to Bucks, Berks, and Butler, the charge for a deed transfer across Pennsylvania is $700, with the sole exception of Philadelphia, which is $750.

Currently, the fee for filing the deed, which distributes the house from your Mother's estate into your own name, is $252.00. This amount is comprised of: $107 (Filing Fee), $107 (Philadelphia Housing Trust Fee), $. 50 (State Writ Tax), $2.00 (Philadelphia County Fee) and $35.50 (Access to Justice Fee).

Realty Transfer Tax The Commonwealth of Pennsylvania collects 1% while the City of Philadelphia collects 3.278% for a total of 4.278%. Luckily, it is customary (but not legally required) for the buyer and seller to split the transfer taxes evenly. In most cases, the buyer will pay 2.139% and the seller will pay 2.139%.

More info

4 million industrial property acquisition in Philadelphia, PA. United States. Congress. Senate.Has the business held title to any real estate in the last five years from the date of this application? Other than as relates to this Form A filing and the proposed merger with BCC. AR 40510. Acquisition of Real Property and Interests Therein. Our diversified real estate presence around the world. Commercial real estate market report. Fuel business growth.

Philadelphia Pennsylvania Proposed acquisition of property

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How much does cost file a deed in Philadelphia?

What is real estate transfer tax in Philadelphia?

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What is the realty transfer tax in Philadelphia?

Who is exempt from PA realty transfer tax?

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How much does it cost to transfer property deeds in PA?

How much does it cost to transfer a deed in Philadelphia?

Who pays real estate transfer tax in Philadelphia?

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