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NJ Mansion Tax

Hoping someone here can help! We have an executed contract dated 5/2. Not expected to close until august. We expected to pay the 1% mansion tax as that was the law prior to the 7/10 rule change. Now with the change, the sellers are responsible for the tax. The only carve out I see in the new law is the sellers can be reimbursed for any graduates percent fee if they have an executed contract prior to 7/10 and close before November. My attorney called the division of taxation who said in this situation it is negotiable. No clear answer on who is paying this tax in this situation. My agent believes it is the sellers responsibility. If this is the case we are willing to split the tax with them because it’s pretty unfair for them to be on the hook 100% when it was ours as of like 6 days ago. Any thoughts??

submitted by /u/laurajnic
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source https://www.reddit.com/r/RealEstate/comments/1lzhwil/nj_mansion_tax/
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