When you buy a piece of commercial real estate, there are numerous fees and taxes that you may be responsible for paying. The specific taxes and amounts you need to pay vary significantly based on the details of your transaction. That said, there are a handful of fees that crop up in most commercial real estate purchases. In this article, we are going to talk about three of the most important taxes and fees that you may need to pay in a commercial transaction.
3 Taxes & Fees
The taxes and fees you’re responsible for paying when you close on a piece of commercial property will vary based on a variety of factors – including the state in which the purchase takes place. Here are the three most common fees and taxes that need to be paid in a commercial real estate transaction:
- Deed Tax
- Transfer Tax
- Mortgage Recording Tax
Depending on where your transaction takes place, you may need to pay just one of these taxes, or all three. These taxes and fees can start to add up so it’s important to consult with your title company to clarify which taxes and fees you are responsible for so there are no surprises at the closing table.
Contact Commercial Partners Title
At Commercial Partners Title, we are recognized as experts in commercial title services. We have been facilitating commercial transactions across Minnesota and the United States for decades. We bring those decades of experience to the table with every transaction we manage. Our team of title experts can help walk you through the entire process and ensure you are ready for the closing table. Contact us today at our primary offices, located in Minneapolis, to learn more about the full extent of our title insurance services, and see how we can help with your next commercial real estate transaction!