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Answer #1

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I would be happy to help you out with rates and closing costs. The transfer taxes are based on the purchase price and the rates are based on loan amount, credit, type of condo,

Answers Answered By: Brent Mendelson Level Rating133points
Answer #2

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

Answers Answered By: Eric-Strasser Level Ratingpoints

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