Virginia Title Insurance, Transfer Tax & Recordation Calculator

Who pays the transfer and recordation tax in Virginia?

The home seller typically pays the state transfer tax, called the grantor's tax. The cost is one percent, or $1.00/$1,000 of the transaction amount.

In the Northern Virginia region, the Commonwealth levies an additional grantor's tax of $0.15 per $100 (or portion of $100) of the sales price or fair market value of the property, excluding any liens or encumbrances. The seller usually pays this tax if applicable.

The buyer/borrower is responsible for the State, County/City Transfer Tax and the State, County/City Mortgage Tax. Ouch!

Who Sets the Rates for Title Insurance in Virginia?

Title insurance companies establish their own rates and can negotiate the rate with any potential insured. You should shop around to determine which company has the most competitive rates. In order to make a true cost comparison, you may wish to inquire as to charges for other associated services, such as the title search, the title examination, title commitment preparation, settlement fees, release fees, notary fees, courier fees, and document preparation fees.
SOURCE: Title Insurance Consumer’s Guide