Maryland real estate transfer tax & title insurance calculator
Easily
calculate the Maryland title insurance rate and Maryland transfer tax;
including the MD recordation tax (excise) stamps for a home purchase
and refinance mortgage. Title insurance rates are not regulated in Maryland,
therefore, title rates can vary between title insurance companies. This
calculator will estimate the title insurance cost, transfer tax and
recordation fee for 1-4 unit residential properties. Please send me
an E-mail if you see an error or want to
make a comment. Last updated 8/2018.
Who pays the recordation and transfer taxes in Maryland?
On an existing home resale, it is customary in Maryland for the transfer and recordation taxes to be split evenly between the buyer and seller. If the home buyer is a first time home buyer, 1/2 of the State Transfer Tax is exempt, and the other 1/2 of the State Transfer Tax must be paid by the seller, by state law.
Title insurance rates in Maryland
The calculator was built with the First American title insurance rates as of 3/1/2017.
What is a reissue rate discount?
The title insurance rate can be discounted provided certain conditions
exist. The reissue rate can be offered to a homebuyer when:
If the seller has owned the property for less than ten (10) years;
and the home seller purchased an owner’s title insurance policy
within that ten (10) year period
How much is the reissue discount?
The reissue discount is 40% based on the prior policy (seller’s policy) coverage amount. For example, let's say a homebuyer needs a policy to cover a $400,000 purchase, and the seller's existing policy coverage amount is for $300,000. The 40% reissue rate discount would apply to the first $300,000, and the homebuyer would pay full title insurance rate on the remaining $100,000.
Do I have to pay recordation stamps when if I refinance my mortgage?
Recordation tax stamps are paid on the difference between the outstanding principal balance the existing loan and the principal balance of the new loan. For example, if the current loan balance is $200,000 and the new loan is $300,000, the State Revenue Stamps would be paid on $100,000 ($300,000 - $200,000 = $100,000).