Real Estate Transfer Tax Set to Increase August First!

As we approach the transfer tax rate change set to take effect in the next few weeks, now may be the time to consider selling or purchasing your next home in coastal Delaware. Despite the seemingly small, one percent increase, the above graph illustrates just how this will impact you financially at settlement.  Buyers will be required to bring more money to the table, and reciprocally, sellers will walk away with that much less as well.

Contracts ratified by July 31, 2017 will be assessed at the 3% transfer tax rate. Any contract ratified on or after August 1st, 2017 will be assessed at the new 4% rate.

If you are considering a move in coastal Delaware, please contact Ocean Atlantic Sotheby’s International Realty today to take advantage of the current transfer tax rate before August first. 

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