DC MD VA

SETTLEMENT COSTS – DC

Estimated Costs

A Settlement Sheet is divided into several categories as follows:

» Title Items:

Seller's Fees
Real Estate Commission	Negotiable
Settlement Fee	$300
Doc Prep/Notary	$50
Prepare and Process Payoff	$100 per loan
Deliver/Fax/Copy/Admin Fee	$18.75


	» Title Examination » Payoffs Release Tracking $35 each » Title Clearance (if necessary) $110-210/hour

TAX RATES

Washington, DC Property Tax Rates:

(DC property tax year runs from October 1st through September 31st and are due March 31st for the period from October through March and September 15th for the period from April though September)

DISTRICT OF COLUMBIA: (202) 727-4829
RECORDATION TAX	1.1% (purchases < $400,000)
RECORDATION TAX	1.45% (purchases >= $400,000)
TRANSFER TAX	1.1% (purchases < $400,000)
TRANSFER TAX	1.45% (purchases >= $400,000)
PROPERTY TAX	All Residential Property (under 5 units)
	$0.88 per 100 assessed value*
	DC Real Property Tax Rates

*DC exempts the first $60,000 if you occupy the property as your principle residence and you file a homestead deduction application. Once the deduction has been in effect for a full tax year, DC will not increase your taxable assessment by more than 12% per year.

**Effective October 1, 2006, both the DC transfer and recordation

Maryland

SETTLEMENT COSTS - MD CLOSINGS ONLY

Estimated Costs

A Settlement Sheet is divided into several categories as follows:

» Title Items:

Seller's Fees
Real Estate Commission	Negotiable
Settlement Fee	$300
Doc Prep/Notary	$50
Prepare and Process Release	$170 per loan
Deliver/Fax/Copy/Admin Fee	$18.75


	» Title Examination » Multiple payoffs (refis) $35 each » Title Clearance (if necessary) $110-210/hour

» Montgomery County, Maryland Fees* :

	Borrower	Seller
State/County Transfer Tax (1.5 %)	0.75 %	0.75 %
County Record ($6.90/1000)	$3.45/1000	$3.45/1000
Maryland Recording Fees
Deed	$40
Deed of Trust	$40
Releases		$40
* Variances may occur after application of first time homebuyer, low-income homebuyer, and other tax abatements as well as recently pending and enacted tax reductions at state and county levels. County taxes vary.

» Miscellaneous fees if applicable:

	Borrower	Seller
Survey	$175 - MD	N/A
Termite Inspection	$65
Additional Wire/Courier/Overnight	$35	$35
E-Storage Fee	$45

VIRGINIA

SETTLEMENT COSTS - VIRGINIA CLOSINGS ONLY

Estimated Costs

A Settlement Sheet is divided into several categories as follows:

» Title Items:

Seller's Fees
Real Estate Commission	Negotiable
Settlement Fee	$150
Deed Preparation	$100
Doc Prep/Notary	$50
Prepare and Process Payoff	$100
Deliver/Fax/Copy/Admin Fee	$18.75


	» Title Examination » Payoff Release Tracking (refis) $35 each » Title Clearance (if necessary) $110-210/hour

» Virginia Fees (County and State taxes are per $100) :

	Borrower	Seller
VA County Transfer Tax - Deed	.08333¢
VA County Transfer Tax - Deed of Trust	.08333¢
VA State Tax - Deed	.25¢
VA State Tax - Deed of Trust	.25¢
VA Grantors Tax		.10¢
VA Recording Fees
Deed (approx. - calculated by number of pages)	$33
Deed of Trust (approx. - calculated by number of pages)	$46
Releases (approx. - calculated by number of pages)		$34

» Miscellaneous fees if applicable:

	Borrower	Seller
Survey	$350	N/A
Termite Inspection	$50
Additional Wire/Courier/Overnight	$35	$35
E-Storage Fee	$45