11-29-2012 11:34 PM
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!
11-29-2012 11:42 PM
This was Google's top result. It seems to match what most of the other top results say:
Probate makes sense, the new contruction nonsense is just a real estate developer purchasing a politician and screwing you in the process.
11-30-2012 06:06 AM
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".