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Customarily, the transfer tax collected by the State of New Hampshire (1.5% of sale price) is shared equally between the Buyer and Seller. While the allocation of responsibility for this tax may be negotiated between the parties, the total amount due to the State at closing will remain the same. Based entirely on the sale price, this is how you can determine what amount will be charged to each party at the closing.<\/p>
FIRST, divide the purchase price by $1,000.00.<\/strong>
THEN, multiple that figure by $7.50 (this is the amount charged to each party)<\/strong><\/p>For example, a hypothetical $400,000.00 transaction in New Hampshire would break down as follows:<\/p>
- \u25cf $400,000 \/ $1,000.00 = 400<\/li>
- \u25cf 400 x $7.50.00 = $3,000.00 (the amount charged to EACH PARTY at closing)<\/li><\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t
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Customarily, the transfer tax collected by the State of Maine (0.44% of sale price) is shared equally between the Buyer and Seller. While the allocation of responsibility for this tax may be negotiated between the parties, the total amount due to the State at closing will remain the same. Based entirely on the sale price, this is how you can determine what amount will be charged to each party at the closing.
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FIRST, round the purchase price to UP to the next whole $500.00 (i.e., for $399,501.00, use <\/strong>$400,000.00)<\/strong>
NEXT, divide that figure by $500.00.<\/strong>
THEN, multiply that figure by $1.10 (this is the amount charged to each party).
<\/strong><\/p>For example, a hypothetical $400,000.00 transaction in Maine would break down as follows:<\/p>
- \u25cf $400,000 \/ $500.00 = 800<\/li>
- \u25cf 800 x $1.10 = $880.00 (the amount charged to EACH PARTY at closing)<\/li><\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t