Transfer Taxes
This is the fee paid when ownership of a property is transferred from the seller to the buyer.
What are transfer taxes?
This is the amount the buyer agrees to pay for the property.
What is purchase price?
This inspection ensures water systems are functioning and not contaminated.
What is a well test/inspection?
“Concessions” typically refer to this type of cost.
These are two other names transfer taxes might be listed under in a purchase agreement.
What are deed tax and conveyance tax?
(Also acceptable: excise tax, documentary stamp tax)
This is the portion of the purchase price the buyer pays up front, also referred to as 'deposit' or 'down payment'.
What is earnest money?
This test checks waste management systems on the property.
What is a septic test/inspection?
When buyers or sellers agree to change the original contract details, they use this supplemental document.
What is an amendment?
This is true of transfer taxes in states like Texas and Missouri.
What is they do not have transfer taxes?
This document modifies a piece of information from the original purchase agreement, such as purchase price, after the agreement is signed.
What is an amendment?
Responsibility for this type of pest-related inspection is often found in the inspection or addenda section of the contract.
What is a termite/WDI/WDO inspection?
This term refers to the original document our team reviews for all key data points.
What is a purchase agreement?
This common property-related tax should not be confused with transfer taxes, as it is paid annually by homeowners.
What are real estate taxes?
This type of agreement detail can indicate special seller-paid items, adjusted price, or payment conditions.
What are concessions or seller-paid closing costs?
In an “as-is” purchase, this party often waives the right to conduct a home inspection but still may be responsible for other required inspections.
What is the buyer?
This clause in a contract allows the buyer to back out without penalty if they can’t get a mortgage by a specific date.
What is financing or loan contingency?
True or false: transfer tax responsibility can sometimes be negotiated through an addendum.
What is true?
If there are conflicting purchase prices listed between the contract and an addendum, your team should rely on this version.
What is the most recent signed amendment?
When the purchase agreement and any addenda conflict on who pays for inspection fees, this version generally controls if it is the most recently signed.
What is the latest signed amendment or addendum?
This date marks when both parties have signed the purchase agreement, officially starting the contract timeline.
What is the contract date?