My Answer: Hello – Transfer taxes in OC Maryland are determined based on the Purchase Price of the unit. The Transfer Tax in Worcester County is .50% of the sales price as is the State transfer tax so between the county and state transfer taxes you are paying 1% of the sales price of the unit. If this is used as your primary residence for 7 out of 12 months, than the first $50,000 of sales price is exempt from the county transfer tax. There is also another tax called recordation tax. This is $6.60 per $1000 of sales price.
Rates are a tougher question as they will vary depending on the size of the loan, your credit score, if this is a primary residence, vacation home, or investment property, and if this is a low rise condo versus a high rise building. We would need some additional info to properly quote you rates. I invite you to call me at 301.517.5434 to discuss further.
Eric Strasser – NMLSR#111971
