New York State New Transfer and Mansion Tax Law
REAL ESTATE AGENTS- TRANSFER AND MANSION TAX INCREASES WILL AFFECT YOUR CLIENTS' TRANSACTION COSTS Effective July 1, 2019, all real estate closings in the State of New York will be affected by the recent increases in the transfer and mansion taxes but the new law will not apply to conveyances made pursuant to binding contracts entered into on or before April 1, 2019 even if the transaction closes after July 1, 2019. The purchaser and/or seller will have to prove the date of execution by independent evidence such as a recorded contract, payment of a deposit on contract or other facts and circumstances determined by the NYS Commissioner of Taxation and Finance. Clearly, when you are discussing the costs to be incurred by a seller or a purchaser ready to enter into a contract of sale, it is imperative that you provide your client/customer with accurate information and knowing the particulars of the new tax laws imposed by New York State is of the utmost importance. A