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People also ask
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What documents do I need to transfer a car title in NY?
To transfer the ownership of the vehicle to your name, you must complete form MV-82* or MV-82TON*, and pay applicable sales tax. 1. A current and valid New York State Insurance Identification Card in the name of the registrant, or 2. For a For-Hire vehicle, form FH-1 (Insurance Certificate), or 3.
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Who pays NYS transfer tax, buyer or seller?
The base tax and additional base tax are paid by the grantor (seller), and such tax shall not be paid directly or indirectly by the grantee (buyer) except as provided in a contract between seller and buyer. However, if the seller doesn't pay the tax, or is exempt from the tax, the buyer must pay the tax.
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What is the continuing lien deduction in NY?
In a sale/purchase transaction, a CEMA allows (1) the seller to pay NYS transfer tax on only the difference between the purchase price and the unpaid principal balance of the seller's existing loan (known as a “continuing lien deduction”); (2) the buyer to pay NYS mortgage tax on only the difference between the buyer's ...
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What is a NYS TP-584 used for?
Form TP-584 must be used to comply with the filing requirements of the real estate transfer tax (Tax Law Article 31); the tax on mortgages (Tax Law Article 11), as it applies to the Credit Line Mortgage Certificate; and the exemption from estimated personal income tax (Tax Law Article 22), as it applies to the sale or ...
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Who is exempt from transfer tax in NY for real estate?
Who is Exempt from the Tax? A foreign government, a person acting on behalf of a foreign government, or the head of a foreign government's diplomatic mission. The premises must be used exclusively for diplomatic or consular purposes. Other usage may result in the payment of tax.
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What is a form of transfer?
The Form A Transfer identifies the full legal name of the buyer, the buyer's mailing address, and the PID and legal description of the property to be transferred.
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What is a NYS TP 584?
TP-584-I (Instructions) Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax; See notice about address change. See information about the STAR credit.
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How do I transfer ownership of a property in California?
The grantor signs the deed in the presence of a notary public. Notarizing the deed adds validity. The executed deed is delivered to the buyer and recorded with the county recorder's office. Recording establishes the buyer's legal ownership and provides notice to the public.
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