/Glossary/ What is T...

What is Transfer Tax?

A Transfer Tax applies when ownership of an asset changes hands, covering documentation and legal processing fees.

  • Government Revenue Source: Funds local services.
  • Varies by Region: Percentages differ by jurisdiction.
  • Buyer vs. Seller: Either party may bear the cost.
  • Legal Requirement: Ensures proper transaction recording.

Understanding transfer tax helps avoid hidden costs in large transactions.

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