Legal...glossary...taxes...mortgage terms... 


SUMMARY OF REAL ESTATE TRANSFER TAXES BY STATE

Real estate transfer taxes are taxes imposed on the transfer of title of real property. In most cases it is an ad valorem tax that is based on the value of the property transferred. A majority of states and the District of Columbia provide for this tax but 13 states do not. The state statutes may or may not stipulate who (buyer or seller) is responsible for paying the tax. In addition, most statutes list a number of cases where the transfer is exempt from taxation. The National Association of Realtors Òhas taken an official policy position in opposition to real estate transfer taxes.
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  Glossary of Terms

The importance of understanding everything you sign is obvious for everyone. Also it is important to understand all details before taking an offer of any kind (house, mortgage, etc.) into conssideration. The following link provides a comprehensive list of terms used in real estate and mortgage transactions.