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Bernadette, Both Buyer and Seller in Maryland

Is it very common (90% or more) that seller and buyer split 50/50 the transfer tax?

Asked by Bernadette, Maryland Thu May 10, 2012

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Mary,
It is very common that transfer tax is not so much shared but charged to the buyer and the seller. It also differs in each area. For example, it is 4% total in Phildelphia and 2% in the suburbs.
0 votes Thank Flag Link Fri May 11, 2012
Mary,
It is very common that transfer tax is not so much shared but charged to the buyer and the seller. It also differs in each area. For example, it is 4% total in Phildelphia and 2% in the suburbs.
0 votes Thank Flag Link Fri May 11, 2012
Hi again Mary, it's a very common practice in Maryland and, as such, is included in the Residential Contract of Sale:

"[...] unless otherwise negotiated in the contract or provided by State or local law, the cost of any recordation tax or any State or local Transfer Tax shall be shared equally between the Buyer and Seller.
0 votes Thank Flag Link Thu May 10, 2012
It is often a funtion of local practice. Here in Bucks County it is common practice to split the Transfer Tax 50/50 but it can be negotiated otherwise.
0 votes Thank Flag Link Thu May 10, 2012
Is it very common (90% or more) cases that seller and buyer split the transfer taxes, in Maryland?
0 votes Thank Flag Link Thu May 10, 2012
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