- A person owns a lot and wants to begin construction of a home. The builder requires the lot to be put in the building company?s name (quit claim deed).

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State Real Estate Transfer Tax

A person owns a lot and wants to begin construction of a home. The builder requires the lot to be put in the building company?s name (quit claim deed). After the house is built, the builder deeds the lot and the house back to the original owner. Is either conveyance subject to the SRETT?

Answer:

Yes. Both transactions, the quit claim deed to the builder, and the transfer back to the homeowner, are taxable.

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