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Phone: 800-711-7988

lenn harley
Lenn Harley, Broker Homefinders.com
Maryland and Virginia

Phone: 800-711-7988

Closing Costs for Maryland and Virginia Home Purchases

Closing costs in Maryland and Virginia are fees charged to the buyer and seller (primarily the buyer) to pay for the transfer of property from the seller to the buyer. Some items that are included in the closing:

Legal fees - Fees charged by the title attorney to title company for holding the settlement meeting. Legal fees also include the fee paid to the title company to review the deed and other documents filed in the county land records to make sure that title can be transferred free and clear. If there are liens, judgements or other encumbrances recorded in the land records against the deed, the transfer cannot take place. The title attorney or title company will order a review of the title a week or two prior to the scheduled closing. If the title is not free and clear with the exception of notes filed by the seller's mortgage company, the title company will alert all of the parties and appropriate steps must be taken to pay all liens and encumbrances. Often, in the case of tax liens, payment may be made from the seller's proceeds of the sale at closing.

Appraisal Fee - This fee may be paid to the mortgage company when the loan application is made. Otherwise, it will be paid at closing.

Lender Fees - Lenders charge fees associated with the closing such as - documentation preparation, points charged in connection with the determination of the interest charged, application fees, which are not charged by all lenders but are still seen when using the services of small banks or mortgage brokers.

Recording Fees - These are fees or taxes paid to the county or state in which the property is located. Real estate transfer fees and recordation fees are a source of revenue and will be a charge to the buyer. Since the amount is significant, 1% -2.5% of the purchase price, the buyer and seller may negotiate to have the seller pay part of these fees (Maryland).

Real Estate Taxes - Taxes are often pre-paid at settlement and escrow accounts set up by the lender to continue to pay the tax payments until the property sells.

Other fees may be charged at settlement, survey, credit report and fees for any additional services that the title company has performed for the buyer or seller.

Your lender will prepare a detailed GOOD FAITH ESTIMATE when the loan application is taken. Most real estate agents will prepare an BUYER'S ESTIMATED CLOSING COSTS when your agent prepares your Contract of Sale so you'll be prepared for settlement costs. Closing costs in Maryland are approximately 4.5 % of the purchase price and closing costs in Virginia are approximately 3% of the purchase price.

MARYLAND RECORDING AND TRANSFER FEES FOR THE HOMEFINDERS MARKET AREA ON THE WESTERN SHORE. For estimates of transfer and recording taxes for Eastern Shore counties.

ANNE ARUNDEL COUNTY
RECORDATION TAXES:                                   $7.00 per thousand
TRANSFER TAXES:                                          1.5% (1 % County + .5% State)
 
BALTIMORE CITY
RECORDATION TAXES:                                   $10.00 per thousand
TRANSFER TAXES:                                             2% (1.5% County + .5% State)
 
BALTIMORE COUNTY  
RECORDATION TAXES:                                   $5.00 per thousand
TRANSFER TAXES:                                            2% (1.5% County + .5% State)
 
CALVERT COUNTY  
RECORDATION TAXES:                                   $10.00 per thousand
TRANSFER TAXES:                                              .5% (NO County + .5% State)
 
CARROLL COUNTY  
RECORDATION TAXES:                                    $10.00 per thousand
TRANSFER TAXES:                                               .5%

(No County + .5% State)

CHARLES COUNTY  
RECORDATION TAXES:                                   $10.00 per thousand
TRANSFER TAXES:                                                .5% (No County + .5% State)

FREDERICK COUNTY  
RECORDATION TAXES:                                     $12.00 per thousand
TRANSFER TAXES:                                                .5% (No County + .5% State)
 
 
HARFORD COUNTY  
RECORDATION TAXES:                                       $6.60 per thousand
TRANSFER TAXES:                                              1.5% (1% County + .5% State)
 
HOWARD COUNTY  
RECORDATION TAXES:                                        $5.00 per thousand
TRANSFER TAXES:                                               1.5% (1% County + .5% State)
 

MONTGOMERY COUNTY   
RECORDATION TAXES: The first $500,000.00 are taxed at $6.90 per thousand and more for amounts over. 
TRANSFER TAXES:                                                 1.5% (1% County + .5% State)
 
PRINCE GEORGE'S COUNTY   
RECORDATION TAXES:                                            $4.40 per thousand
TRANSFER TAXES:                                                   1.9% (1.4 % County + .5% State)

WASHINGTON COUNTY  
RECORDATION TAXES:                                            $7.60 per thousand
TRANSFER TAXES:                                                    1% (.5% County + .5% State)