Who pays the Transfer Tax?

In most sales agreements, the seller and the buyer split the tax. However, the new owner is responsible if there is any question over the amount of tax paid. The Recorder of Deeds Office will not accept a deed unless the tax is paid at the time of recording. The State and Local Governments do not care who pays the tax as long as it is paid.

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1. What is the Real Estate Transfer Tax?
2. Who pays the Transfer Tax?
3. Are any transactions exempt?