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Understanding Tennessee's Transfer Tax: A Comprehensive Overview
For potential home sellers in Tennessee, estimating transfer taxes is a vital step in understanding total selling costs. A simple Tennessee Transfer Tax Calculator can provide an initial estimate of what sellers can expect to pay. To effectively gauge expenses, simply input your home's estimated selling price into the calculator.
How the Transfer Tax is Calculated
Tennessee's transfer tax, formally known as the Real Estate Transfer Tax, is set at a rate of $0.37 per $100 of the home sale price. For instance, should you sell your home for the median price of $380,000, you would owe approximately $1,406 in transfer taxes. Notably, quitclaim deeds are exempt from these taxes, which is worth considering during transactions.
Who Typically Pays the Transfer Tax?
While the norm is for sellers to cover these taxes, the final responsibility might vary based on negotiations during the closing. Buyers and sellers can discuss who will bear this cost, sometimes swaying it in one direction or the other. Certain sales, particularly those involving government entities or corporate mergers, might be exempt from the transfer tax altogether.
Tools to Streamline Your Tennessee Home Sale
Sellers can access various resources designed to ease the home selling process:
- Net Proceeds Calculator: Offers a detailed breakdown of net gains from selling a home.
- Agent Match Platform: Connects sellers with top local real estate agents based on reviews and proven performance.
- Home Value Estimator: Assists sellers in establishing an accurate market value of their property.
With tools like HomeLight’s Buy Before You Sell program, sellers can make competitive offers on new homes before closing on their current one, ensuring a smoother transition without the hassle of moving twice.
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