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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 charged by state or local governments when property ownership is transferred from one individual to another. 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 can occur through sales, inheritance, or gifting of property.<\/p>\n The amount owed in transfer taxes can vary widely based on the property’s location.<\/p>\n Different states, counties, and cities can establish their own rates and regulations for these taxes. Transfer taxes primarily serve as a means for local and state governments to generate revenue<\/a>, funding various public services and infrastructure projects.<\/p>\n