Real Estate Services
Do I need an attorney when I purchase real estate
Unlike in some states, you are not required by
law to retain an attorney when you purchase real
estate in Pennsylvania. However, keep in mind that the
purchase of real state is often the largest financial
investment that an individual makes during his or her
lifetime. The typical transaction is likely to involve lengthy
contracts, legal documents and title insurance which are often quite
complex and difficult to understand.
What are Transfer Taxes?
Transfer Taxes are taxes collected at the closing and are
based upon the value or price of the real estate being
transferred. In Monroe County, Pennsylvania, the transfer
tax is 2% (1% of which is retained by the local and
county governments and 1% of which goes to the
Commonwealth of Pennsylvania).
Typically in most cases, the buyer and seller agree to
equally pay the transfer taxes in the transaction. However,
some real estate purchase contracts state that it is the
buyer’s responsibility to pay all of the
transfer taxes due in the transaction. A purchaser
should have his or her attorney carefully review the
Agreement of Sale before it is signed to determine what
portion of the real estate transfer taxes the buyer will
need to pay.