Transfer Tax (Noun)
Meaning
Any tax levied on the passing of title to property.
Classification
Nouns denoting possession and transfer of possession.
Examples
- When buying a house, be prepared to pay transfer tax as part of the closing costs.
- Transfer tax can add significant expenses to real estate transactions.
- In many jurisdictions, the buyer and seller must each pay transfer tax.
- Real estate lawyers typically ensure their clients account for transfer tax when finalizing the purchase or sale of property.
- Most governments that levy a transfer tax have complex laws surrounding payment of this type of tax.