Escrow & Title
Vermont's Property Transfer Tax is paid by the:
ASeller at the time the deed is signed
BBuyer at the time the deed is recorded✓ Correct
CBoth buyer and seller equally at closing
DThe real estate broker out of the commission
Explanation
Vermont's Property Transfer Tax is typically paid by the buyer when the deed is recorded. The tax is calculated based on the purchase price.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Closing CostsFees 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.
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.
Math Concepts
State-Specific Concepts
Transfer Tax
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