What does Transfer Tax mean?

Transfer tax is a tax that is imposed on the transfer of ownership of a property. The tax is typically based on the value of the property, and it is paid by the person transferring the property. The amount of the tax and the party responsible for paying it can vary depending on the jurisdiction. In some places, the buyer is responsible for paying the transfer tax, while in others, it is the seller. Some states in the US have transfer tax, while others don't. Transfer tax also known as "stamp duty" in some countries, can be a significant cost when buying or selling a property.

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