Selling your Hayward home can feel like a full-time job, especially when you factor in closing costs, agent fees, and transfer taxes. You might have questions about transfer taxes in Hayward, including what they are, who pays for them, and how much they can affect your bottom line. Thankfully, HomeLight has your back. This quick guide will help you get a handle on how Hayward’s city transfer tax works and what you can expect when selling your home. We will also cover any possible exemptions you might qualify for and explain how transfer taxes can impact your capital gains obligation. Real estate transfer taxes are fees imposed by state or local governments when property ownership is transferred from one individual to another. According to the Federal Trade Commission, these taxes are due when the title to a property, essentially the document confirming legal ownership, is officially transferred to a new owner. The amount owed in transfer taxes can vary widely based on the property’s location, as different states, counties, and cities establish their own rates and regulations. Transfer taxes primarily serve as a revenue source for local and state governments, funding various public services and infrastructure projects. The responsibility of who pays for transfer taxes varies depending on the city, state, or county. In Alameda County, where Hayward is located, the seller pays for any real estate transfer taxes accrued as a result of a property changing hands.What are transfer taxes?
Who pays for transfer taxes?
