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May 7th, 2012

UPDATE: May 31st, 2012

We recently told you that New Castle County would not exempt Fannie Mae and Freddie Mac from transfer taxes effective June 14, 2012. We've just learned that earlier today New Castle County announced its decision to defer implementation of this change and will seek a judicial determination of whether Fannie Mae and Freddie Mac are entitled to the exemption. The County will continue to accept the transfer tax exemption for these entities until this question is resolved by the courts. Feel free to call us with any questions. 302-454-1510 410-287-1510

May 7th, 2012

Earlier this month the New Castle County Department of Law determined that Fannie Mae and Freddie Mac are NOT eligible for the governmental exemption from transfer taxes. Effective June 14, 2012, conveyances to and from these entities will be subject to County transfer taxes. No word yet on whether the State will follow suit with respect to State transfer taxes. Real estate agents and loan officers are encouraged to plan accordingly. The State is considering a similar change for State transfer taxes but has not announced a decision at this time.

 

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