In Connecticut, the seller is typically responsible for paying the real estate conveyance tax, also known as the transfer tax, at closing. This tax is imposed on the transfer of ownership of real property and is calculated based on the sales price of the property. The tax rate is tiered and ranges from 0.75% to 2.75% of the sales price, depending on the value of the property and the municipality in which it is located.
The seller is also responsible for paying the controlling interest transfer tax if the property is being sold as part of the sale of a business entity that owns an interest in the property. This tax is imposed at a rate of 1.11% of the present true and actual value of the property.
In some cases, the buyer and seller may agree to negotiate who will pay the transfer tax. However, in most cases, the seller is responsible for paying this tax.