In Oklahoma, the transfer tax, also known as the documentary stamp tax, is customarily paid by the seller. However, Oklahoma law allows either the buyer or seller to pay the tax, so the parties can come to their own agreement during contract negotiations.
The transfer tax rate in Oklahoma is $0.75 for each $500 of the consideration (or fraction thereof) in excess of $100, excluding the value of any lien or encumbrance at the time of sale. “Consideration” refers to the value exchanged or paid or to be exchanged or paid in the future, exclusive of interest, whether in money or otherwise, for the transfer or conveyance of an interest of realty, including any assumed indebtedness.
It’s important to note that local regulations and specific transaction details may influence the allocation of closing costs between the buyer and seller. Consulting with a real estate attorney can ensure a smooth and legally sound closing process.