Bankapedia's Take

Transfer taxes can be paid by either the buyer or seller and in some ways function as a bit of a bellwether for how the real estate economy is doing. In times in which prices are increasing and properties are staying listed for short periods of time, the leverage remains with the seller and in these cases the buyers are often left to pay the transfer tax. When the reverse occurs and the market is hurting and buyers have more leverage, sellers more often than not pay the transfer tax.