Protecting Life’s Largest Investment
Buying or selling a home is likely one of the most important decisions you will ever make, and it should therefore be carefully planned. Since many real estate transactions involve complex issues, you are at a tremendous disadvantage if you do not have an experienced real estate attorney representing you. The attorneys and staff at Baillie & Hershman P.C. can provide you with the advice and assistance that you will need to meet these complexities. Whether you are buying, selling or refinancing a home, let us work for you to best tailor the transaction to meet your needs and interests.
These are taxes paid to the Town and State on the sale of real estate. They are generally paid by the seller from the closing and given to the town clerk when the transaction is recorded.
State Conveyance Taxes
State Conveyance Taxes are paid to the State of Connecticut, Commissioner of Revenue Services. Based upon sales price, they are three quarters of one percent of the sales price up to $800,000.00; one and a quarter percent for everything over $800,000.00; and a 2.25% rate applies to any portion of a residential dwelling’s sales price that exceeds $2.5 million.
Local Conveyance Taxes
Paid to the city or town where the property is located. They are 0.25% of the sales price except as noted below.
- The rate in Stamford is 0.35%.
- Certain other towns are allowed to charge one half of one percent. These towns are: Bloomfield, Bridgeport, Bristol, East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Waterbury and Windham.
Town clerks collect recording fees based upon the type of document and number of pages.
Recording fees are as follows:
- $60.00 for the first page of each document recorded regardless of type or length
- Plus, $5.00 for each additional page of each document
- Plus, $2.00 if the document is a deed conveying title
- Plus, $159.00 for the 1st Page – any mortgage, assignment, release, subordination that references MERS. (1st page is $159 and $5 each additional.)
FYI:
- A typical fixed rate FNMA/ FHLMC mortgage contains 14-16 pages; riders for condos, variable rate, 1-4 family, etc. generally add 2 pages to the mortgage document.
- Warranty deeds are usually 1-3 pages.
Typical recording fees would be:
- Mortgage: $225.00 – $250.00
- Warranty Deed: $60.00 – $72.00
Note:
- Buyers pay for the recording of the warranty deed and the buyer’s mortgage.
- Sellers pay for recording releases of their mortgages, their powers of attorney, and any quitclaim deed, change of name certificate, etc. The seller also pays for the town and state transfer taxes. This page was last updated Thursday, April 29, 2021 and reflects State of Connecticut law as of this date. Recording fees are set and regulated by the State of Connecticut (ct.gov).