For a home in the City of Wilmington, realty transfer tax totals 4% of value: 2.5% state tax and 1.5% city tax. The state portion is split equally between seller and buyer. The city portion is paid by the seller unless the parties agree otherwise. The city tax applies to Wilmington property, not every home in New Castle County.
Tax is usually based on the price paid, including liens the buyer takes over. If the price is below the value used for property taxes, that higher value can apply unless the sale is shown to be at fair market value; an arm's-length sale between unrelated parties qualifies. We review the applicable tax and allocation with the closing company.
When you sell to us, we pay the closing costs, including Delaware's state realty transfer tax and Wilmington's real property transfer tax. Your mortgage, liens, back taxes and share of current property taxes are separate.
No agent commissions when you sell to us. No fees. We review title, payoff, occupancy, and seller authority. You receive clear written terms before deciding, and the closing goes through a title company. Close as fast as 7 days when title and closing details allow.