Maryland’s state transfer tax is generally 0.5% of the sale price. Each county sets its recordation tax, and many counties also charge a county transfer tax. The law generally presumes the buyer and seller split these taxes equally unless the contract says otherwise.
If the buyer is a first-time Maryland home buyer who will live in the home, the state transfer-tax rate is 0.25%; the seller pays that state tax, the recordation tax, and any local transfer tax unless the parties expressly agree otherwise. Some transfers are exempt. Ask the settlement company to show the current Washington County rates, contract allocation, and any exemption that applies to your sale.
When you sell to us, we pay the closing costs, including Maryland's state transfer tax, recordation tax and any applicable county transfer tax.
This does not pay your mortgage, liens, back taxes, or your share of current property taxes.