As of October 1, 2003 the state legislature raised the tax the state charges on the transfer of real property to $5.10 per $1,000. This amounts to about ½ of a percent of the sales price. (Example: $1,275 on a home purchased for $250,000). You may want to budget for that in your closing costs! While this has historically been a seller cost on resale homes, the ever changing market in Las Vegas is affecting that norm. Some banks are requiring the buyers to pay this cost on foreclosed properties. On properties that are considered “flips” the transfer tax may be a point of negotiation between buyer and seller. Don’t assume that this will be solely a sellers cost anymore!
For more information on the transfer tax and who is exempt from this tax click here.