The deal has been negotiated. Due diligence is complete. The final documents are about to be signed, and the registration statement is ready. Did you forget anything? If you didn’t think to include real estate transfer taxes while planning your transaction, it could cost you millions of dollars.
Real estate transfer taxes (“transfer taxes”) are not new. In fact, they were imposed by the federal government until the 1960s. When the federal government repealed transfer taxes, states quickly passed their own to generate revenue. Since then, local governments such as New York City, Washington, D.C., San Francisco and Chicago have passed their own transfer taxes in addition to state transfer taxes.
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