Virginia Title Insurance Rate & Transfer Tax Calculator
Title
Insurance rates are not regulated by the State of Virginia,
therefore, title rates can vary between title insurers. The State of
Virginia has three transfer taxes and two recordation taxes (think
of the recordation tax as a mortgage tax stamp). The buyer typically
pays the state and county deed transfer tax. The seller pays a
transfer tax to the state, also known as the VA Grantor tax. Should
there be a mortgage on the property, the buyer will pay a
recordation tax to the State of Virginia and the county. Please send
me an E-mail if you see an error or
want to make a comment. Last
updated 9/2018.
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
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P. Joy Siegel
Attorney-at-Law/President
Settlement Ink Real Estate and Title Escrow Bethesda, Maryland 20814
301-907-8800
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