Legal Question in Real Estate Law in Pennsylvania

Re: Pennsyvania transfer tax

Except in a few instances, specified in Transfer Tax Regulations, all transfers of real property are subject to the transfer tax. There should be no "all kinds" of prices - PA gets 1% of the Fair Market Value, and most counties get 1%; Philadelphia gets 3% [and Pittsburgh/Allegheny County may also get more than 1%]. So that's a total of 4% at most.

Fair market value is the actual consideration shown in the deed, if it is a true purchase/sale; if it is a nominal value deed, the transfer tax still applies on the Fair Market Value. You may be able to use the real estate tax assessed value, multiplied by the common lever ratio or state tax equalization board ratio [check with your county Department of Records] as the Fair Market Value.

A transfer between you and your ex-boyfriend is not an exempt transfer. You and he may share the transfer tax cost.

If there is a mortgage on the property, you should first get the written consent to your transfer from the mortgage holder, or you may be in default on the mortgage.

The type of deed you refer to is a "Quit Claim" deed, which only says that the person is transferring his interest, whatever that interest may be - even if he has no interest in the property. You may want to get a special warranty deed instead. Such a deed includes a promise that he hasn't done anything to cause any claims from others to the property.

You should probably consult with a real estate lawyer in your county just to be sure that you are getting what you expected without endangering or reducing your interest in the property.

Re: Pennsyvania transfer tax

You are getting a benefit, so you have to expect some cost. Call my office or write back to discuss.

Mike

Re: Pennsylvania transfer tax

To find out what the transfer tax is you need to call the Recorder of Deeds in your county.

Transfer tax is based on the value of the property being transferred. That is either the value stated on the deed. Or if the value on the deed is say $1. Then in most cases the Recorder of Deeds may establish the value.

If you have any questions feel free to contact me. The initial consultation is free.

{John}