Finance
The New York State Real Property Transfer Tax rate is:
A$1 per $500 of consideration
B$2 per $500 of consideration✓ Correct
C$4 per $500 of consideration
D1% of the purchase price
Explanation
The New York State Real Property Transfer Tax is $2 for every $500 (or fraction thereof) of consideration, which equates to 0.4% of the sales price.
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Key Terms to Know
Transfer Tax
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Transfer Tax
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