First time maryland homebuyer transfer and recordation tax addendum pdf: Fill out & sign online

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Begin by filling in the Contract of Sale details, including the date, address, city, state, zip code, lot number, block/square number, unit number, section, tax ID#, parking space(s) #, storage unit(s) #, and subdivision/project.
In Section I, ensure that each Buyer signs the statement under oath confirming they have never owned residential real property in Maryland used as their principal residence or are a co-maker/guarantor of a Purchase Money Mortgage.
Proceed to Section II to confirm the agreement on State Transfer Tax and Recordation Tax. Indicate who will pay these taxes based on your agreement with the Seller.
In Section III, specify how the Recordation Tax and Local (County) Transfer Tax will be divided between Buyer and Seller. Fill in the appropriate sections for signatures and dates.

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What are transfer taxes on closing costs in Maryland?

Transfer tax is at the rate of . 5 percent of the actual consideration, unless they are a first-time Maryland home buyer purchasing a principal place of residence, in that case the transfer tax rate is . 25 percent of the actual consideration.

What is the recordation tax on first time home buyers in Maryland?

The tax is one half of 1 % (0.5%) of the consideration, except for deeds to a first time MARYLAND home buyer, in which case the tax is one fourth of 1 % (0.25%).

Is recordation tax the same as transfer tax?

In real estate, the transfer tax may also be known as a stamp tax, deed tax, mortgage registration tax, documentary transfer tax, or recordation tax.

Who pays transfer and recordation taxes in Maryland?

(c)(1) The entire amount of recordation tax and local transfer tax shall be paid by the seller of improved, residential real property that is sold to a first-time Maryland home buyer who will occupy the property as a principal residence, unless there is an express agreement between the parties to the agreement that the

Who pays transfer taxes in Maryland, buyer or seller?

Normally a Maryland contract provides who is responsible for the payment of transfer and recordation taxes. If the contract is silent, Maryland law states the presumption is that the buyer and seller shall split the taxes provided the buyer does not qualify as a First Time Maryland Homebuyer.

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