The rate is 1.8% on mortgage amounts below $500,000 and 1.925% on amounts of $500,000 or more. On a $1.5M mortgage, that is approximately $28,875 the buyer owes at closing. This is a buyer cost, but it directly impacts their purchasing power and total cash-to-close requirement. Understanding this number helps you anticipate buyer behavior and structure concessions that address their real financial constraints.
This article provides general educational information only. It is not legal, tax, financial, insurance, compliance, housing, brokerage, or professional advice. Rules, tax rates, obligations, enforcement practices, and market conditions vary by property, building, contract, municipality, and jurisdiction, and they change. Sellers should consult a qualified attorney, CPA, or other appropriate professional before making decisions based on their specific situation.
From the seller playbook: Mortgage Recording Tax Impact on Buyer Incentives
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
More questions on this topic
List for free, or go full service for 1%.
Use the playbook yourself, or let us run pricing, marketing and negotiation.