How a $40,000 Transfer Tax almost derailed my escrow

Many states have a special tax on the sale of real estate. It is like a sales tax, except it’s not on products sold but on property.

Why is this topic important? It can be a huge part of the closing costs in a transaction. One that you might not have even thought of. I had a transaction that almost cancelled because of a $40,000 transfer tax that the Buyer did not figure into his funds to close. Don’t go into a transaction unaware!