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sandman
Posts: 1
Registered: ‎11-29-2012
0

San Francisco "New Development" Transfer tax

In San Francisco, I was told that for new developments the transfer tax is split 50/50 instead of the seller paying all of it. Has anyone else heard something similar or seen any official documentations stating that this is the case? Does it count as a "new development" if the developer built it 3 years ago and has been renting it out since, though I'd technically be the first purchaser for the property?

 

The only link I've found pertaining to this issue is http://www.placertitle.com/docs/WhoPaysCounty.pdf which states that the seller pays the tax. 

 

Thank you for your help!

Silver Contributor
malkito
Posts: 502
Registered: ‎04-07-2010
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Re: San Francisco "New Development" Transfer tax

This was Google's top result.  It seems to match what most of the other top results say:

 

http://sfcondomarket.com/transfer-tax-in-new-construction/

 

Probate makes sense, the new contruction nonsense is just a real estate developer purchasing a politician and screwing you in the process.

Platinum Regular Contributor
tjh
Posts: 4,599
Registered: ‎01-09-2010
0

Re: San Francisco "New Development" Transfer tax

malkito:

 

When I read your post - sans reading glasses - and skimmed across the url you provided, my eyes interpreted the run-together words as "condom market" and I was set back a bit thinking to myself, "Only in San Francisco".

 

:smileyhappy: :smileyhappy: