What are real estate transfer taxes? Who has to pay them? When are they due? Learn about real estate transfer taxes for the state of Utah.
Utah doesn't have a real estate transfer tax.
For the rest of the country, the average homeowner who purchases a $150,000 home will pay approximately $3,700 in closing costs. Included in these closing costs for people in most states is a real estate transfer tax. If you're a resident of Utah, you do not have to worry about the real estate transfer tax, so you can expect your closing costs to be lower.
However, transfer taxes aren't the only large closing cost you could be responsible for. If you're worried about understanding closing costs in your area we recommend that you work with an experienced local agent. Not only will an agent negotiate on your behalf, but also he or she will let you know what to expect during the closing process.
Ask your real estate agent what taxes and fees you will be paying during your closing.
Very few people like to read and think about taxes. Since most people go through a house closing only a few times in their lives, they don't find it necessary to memorize the details of the transfer tax laws. Most people in Utah probably don't even know what transfer taxes are.
When learning about complicated issues like taxes and closing costs, sometimes it is easier to have a professional sit across the kitchen table from you to explain things. That's why you should reach out to a Clever Partner Agent in Utah.
Whether you are buying or selling a home, your real estate agent will talk you through the process and make sure you understand all the different fees and taxes that you will be charged at closing. Your agent will also know the latest information regarding the real estate world.
One thing to remember, our agents often sell for a flat fee. Rest assured that's one expense that won't be a surprise on closing day.