Legal Question in Real Estate Law in Connecticut
conveyance taxes - CT or FL?
I currently co-own my home (TIC) with my father. I can now afford to buy him out and am refinancing my mortgage for the entire amount and getting cash out to pay him back. The house is in CT and I live in it, but my father lives in FL. My question is which conveyance law(s) do we follow? In FL, the buyer pays conveyance tax, but in CT it's the seller.
2 Answers from Attorneys
Re: conveyance taxes - CT or FL?
Hello. The law of the state where the property is located governs, so Connecticut law applies and the seller pays the conveyance tax. Your closing attorney for the refinance should be able to structure it to take care of the conveyance tax and prepare the deed to transfer the property to you.
Good luck!
Attorney Bartolotta
Re: conveyance taxes - CT or FL?
Hello. The law of the state where the property is located governs, so Connecticut law applies and the seller pays the conveyance tax. Your closing attorney for the refinance should be able to structure it to take care of the conveyance tax and prepare the deed to transfer the property to you.
Good luck!
Attorney Bartolotta
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