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\n <\/div>\n \n Connect with a Top Agent to Help Maximize Value<\/h3>\n
Even rockstar agents can’t make your tax liability disappear, but HomeLight data shows that the top 5% of agents across the U.S. help clients sell their home for as much as 10% more than the average real estate agent, helping offset the tax bill.<\/p>\n \n
What are transfer taxes?<\/h2>\n
Real estate transfer taxes are charges imposed by state or local governments when property ownership is transferred from one individual to another.<\/p>\n
According to the Federal Trade Commission<\/a>, these taxes are due when the title to a property, essentially the document that confirms your legal ownership, is officially passed to a new owner. This process can occur through sales, inheritance, or gifting of property.<\/p>\n The amount you owe in transfer taxes can vary widely based on the property’s location. Different states, counties, and cities can establish their rates and regulations for these taxes. Transfer taxes primarily serve as a means for local and state governments to generate revenue<\/a> and fund\u00a0various public services and infrastructure projects.<\/p>\n