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Maryland and Pennsylvania Real Estate Taxes
Taxes are a part of every real estate transaction. Recordation, State Transfer, and County Transfer taxes are collected in the case of a purchase in Maryland; however, in the case of a refinance, only Recordation Taxes are paid. The taxes are calculated using the loan amount or purchase price, whichever is higher. Each County has it's own rate at which it assesses their taxes. For more information regarding your area, see the MD rate chart or visit The Maryland State Department of Assessment and Taxation. In Pennsylvania, only transfer taxes are collected. Two percent of the sales price is collected; one percent going to the Commonwealth, and one percent going to the County. The exceptions to this rule are certain highly-populated cities, including Pittsburgh, and Philadelphia. For more information, see the PA rate chart or visit The Pennsylvania Title Insurance Rate Chart Calculator. Title Insurance Information Title Insurance plays an important role in real estate transactions. Paying money for real estate and receiving a Deed to property does not assure the buyer of clear title; there may be a myriad of unsettled matters involving the property that, at the time of the settlement, can become the problem of the new owner. For example, the property title may have been transferred a minor, or by someone who was legally incompetent. Title insurance is the instrument that assures the owner that their investment is secure. The cost of a Title Insurance Policy usually amounts to less than one-half of one percent of the property's purchase price. The premium is paid at the time of settlement and protects the property against title claims as long as the property owner remains in title. If you have any questions, or would like an exact quote, please contact our office. |
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