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Kris
Maroney

Wilmington
(610) 587-5486

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Important Transfer Tax Information-Please Read

Posted on 07-26-2017

 s we have discussed, the Delaware transfer tax increase will be effective on all agreements ratified on August 1, 2017 or later. That means that all agreements, regardless of settlement date, that are ratified (fully executed-signed by all parties) by July 31, 2017 or earlier will have a total transfer tax of 3%. ALL CONTRACTS RATIFIED ON AUGUST 1, 2017 OR LATER WILL HAVE THE NEW TRANSFER TAX OF 4%. 

The closing attorney must attach a copy of the contract or an affidavit to remit the transfer tax with the reduction. Any attorney not having full proof that the agreement was not ratified on July 31 or earlier will require 4% transfer tax to be collected. They will be using the agreement you help execute to determine the date of ratification. 
 
THIS IS WHAT YOU MUST DO:
1. REVIEW ALL CURRENT PENDING SALES YOU HAVE AND COMPLETE THE DATE SECTION OF THE AGREEMENT (Where the buyer and seller sign) AND THE EFFECTIVE/RATIFICATION DATE IN THE BOX UNDER THE SIGNATURE LINES. DO NOT TAKE ANY CHANCES THAT THIS IS MISSED.
2. MAKE SURE ALL CURRENT ACTIVE LISTINGS OR BUYER OFFERS THAT GO UNDER CONTRACT BY JULY 31 OR EARLIER ARE ALSO DATED ON THE SIGNATURE LINE AND A DATE IS PLACED IN THE EFFECTIVE/RATIFICATION DATE. 
PLEASE ENSURE THIS IS DONE PROPERLY. YOU DO NOT WANT TO BE AT THE SETTLEMENT TABLE MONTHS FROM NOW WITH A PROBLEM.
 
Please also note the first time buyer waiver is still alive and is continuing under the same rules prior the the total transfer tax change.
 


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