If you’re selling a home in Contra Costa County, you might have questions about transfer taxes. Is there even a Contra Costa County transfer tax? This post will serve as a quick guide to explain what transfer taxes are, who is responsible for them, and what you can expect to pay when selling or buying a home in Contra Costa County. Real estate transfer taxes are fees assessed when the ownership of real property, for example, a home, is transferred between two parties. The Federal Trade Commission defines transfer taxes as a “ When you pass the title of your home — your legal right to own the property — to someone else, the government charges a tax on this exchange. The municipality where the property is located will determine what you’ll owe in transfer taxes according to local state, county, or city guidelines. Like other taxes, these are designed to generate revenue. In Contra Costa County, generally, the seller is responsible for paying any real estate transfer taxes. There are some exceptions depending on the city, which we will discuss in the next section.What are transfer taxes?
Who pays for transfer taxes?
