At a recent "lunch and learn" session at the Keller Williams market center in North Bethesda, Settlement Attorney Robert Moses from Home Team Title, presented the assembled realtors with some useful knowledge on HUD-1 settlement sheets, title insurance costs and a host of other data important to informing our clients before getting to the settlement table... and protecting their interests once there.

Among the very useful data he presented, was a chart comparing settlement costs in the various jurisdictions that make up our market in the Greater Capital Area.

For the sake of the comparison, he chose Mongtomery County in MD, and Fairfax County in VA, to compare with Washington DC. With his, permission, I am reprinting his chart regarding state and county transfer and recordation taxes.

In this example the sales price is $400,000 and the loan amount $300,000. Numbers have been rounded to the nearest dollar.

As you can see from the above, buyers and sellers of real estate pay the highest premium in transfer/recordation taxes in DC, followed by Montgomery County, with Fairfax VA being on the lower end.

If you need a great settlement attorney, who will ensure your clients understand every detail of what they are signing (attention, first time home buyers, this is really important!), and oversee the implementation of the contract, I can recommend Robert Moses and Home Team Title. Phone: (301) 468-0080.