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/Glossary/ What is Transfer Tax?
What is Transfer Tax?
A Transfer Tax applies when ownership of an asset changes hands, covering documentation and legal processing fees.
- Government Revenue Source: Funds local services.
- Varies by Region: Percentages differ by jurisdiction.
- Buyer vs. Seller: Either party may bear the cost.
- Legal Requirement: Ensures proper transaction recording.
Understanding transfer tax helps avoid hidden costs in large transactions.
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