transfer/recordation tax



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Answer #1

You will be exempt from paying your half of the ‘Maryland State Transfer Tax’.
If you are buying in Montgomery County, Maryland…

Your HALF of the transfer taxes as follows (seller pays other half):
$300,000 SALES PRICE
Montgomery County Transfer Tax
$1,500

Maryland State Transfer Tax
$0. If you were NOT a 1st time buyer, this would be $750

Maryland State Recordation Tax
$862.50

Some other closing costs:
Location Survey $195
Govt recordation $120
Title company total costs approx $700
Lender’s title insurance $775
Owner’s title insurance approx $400 (ask your loan officer & title co about a re-issue rate)

Answers Answered By: choicefinance.net Level Rating148points

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