This is a great time to purchase a home if you are a first time home buyer. Besides all of the new tax credits and mortgage programs, you may also qualify for an exemption on County Transfer Tax.
Whenever you buy or sell real property in Delaware you must pay transfer tax to the County and State. The State offers no exemptions, however the County carves out a special exemption for first time home buyers.
In order to qualify for the County exemption you must certify that you have not owned any real property. If you meet this criteria and you are not buying in an incorporated city or town, you will be exempt from your portion of the County transfer tax when you purchase.
This information does not constitute an attorney client relationship nor is it intended as legal advice.
Comments