Escrow & Title
The Connecticut conveyance tax is paid by the:
ABuyer at the time of purchase
BSeller at the time of transfer✓ Correct
CBoth buyer and seller equally
DLender at closing
Explanation
The Connecticut real estate conveyance tax is paid by the seller (grantor) at the time of the property transfer. It is a state and sometimes municipal tax based on the sales price.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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