Are you selling your Nebraska home? If so, you probably have questions about Nebraska’s real estate transfer tax. Real estate transfer taxes are fees levied by the government when a property changes ownership. In this short guide, we’ll explain how transfer taxes work in Nebraska and explain what sellers can expect to pay when selling their property. Real estate transfer taxes are imposed by state or local governments when property ownership is transferred from one person to another. As defined by the Federal Trade Commission, these taxes are due when the property title—the document confirming your legal ownership—is officially passed to a new owner. This can be triggered by sales, inheritance, or even gifting of property. The amount you pay in transfer taxes can vary greatly depending on the location of the property. This is because different states, counties, and cities can set their rates and rules for these taxes. Transfer taxes are primarily a way for local and state governments to generate revenue, supporting various public services and infrastructure projects. Knowing how these costs work is essential for anyone involved in a real estate transaction. Who is responsible for paying transfer taxes when a property changes hands? Like a lot of things in real estate, it depends. In Nebraska, transfer taxes are paid by the seller, however, the buyer or an agent representing the transaction can agree to cover it, depending on the terms of the purchase agreement.What are transfer taxes?
Who pays for transfer taxes?
