Effective August, 2017, the state realty transfer tax rate was increased from 1.5% to 2.5% for property located in counties and municipalities that impose a realty transfer tax. If the property is located in an area that does not impose a local transfer tax, the state realty transfer tax rate is now 3%. Effective immediately, all first-time home buyers are entitled to a one-half percent (0.5%) reduction in the rate paid by the buyer, which may be claimed at the time of closing. The maximum value of this reduction is capped at $2,000 (and may only apply to the first $400,000 of property value).
Additionally, individuals who purchased their first home after August 1st 2017 and paid the current Realty Transfer Tax rate of 2.5% (1.25% assessed on the buyer and 1.25% assessed on the seller) may be entitled to request a refund. To request a refund, please complete Form 5405 (click on link below to access the form), and submit it directly to the Delaware Division of Revenue at the address shown at the top left of the form.
We strive to provide our clients with the most professional and stress-free experience possible. Our staff will work tirelessly and closely with Realtors and Lenders to ensure that each client’s needs are addressed in a timely fashion and that sound legal advice is given at each step. This process has many moving parts and includes a team of numerous people. Longo & Associates will provide the top notch service expected of the firm bringing this closing to the finish line.
With this in mind, it is our number one priority to work together as a team to get our client to the table. We are continuously training our staff on processes that meet and exceed timeframes, focusing on attention to detail and most importantly, implementing positive customer service expectations. We strongly feel that positive communication is what builds strong relationships. Our highly experienced staff will work to keep the lines of communication open through prompt responses with all parties thereby creating a professional, mutually respectful environment.