Important Info For Out-of-state Sellers

By
Title Insurance with Advantage Title Company - Nationwide

Please be advised that recent changes to the top margin State income tax rate for individuals have the effect of increasing the withholding required for sales of property by nonresident individuals.  

Effective July 1st 2008, withholding for nonresident individuals has been increased from 6.75% to 7.5% in the state of Maryland. (The rate remains at 8.25% for nonresident entity withholdings.)  

Deeds dated and fully acknowledged prior to July 1st but recorded after July 1st will be subject to the current 6.75% rate.

So if you have a listing with a seller that is not a resident of the state of Maryland, make sure they get to settlement prior to July 1st!!! Advantage Title is experienced in nonresident sellers and will guarantee a timely closing.

Call me if you need help or have any questions: 800-609-8707.  

Comments (1)

Thomas E. Elder
Mortgage Broker Compliance Consultants - Forest Hill, MD
Founder, Mortgage Broker Compliance Consultants

Good to know Chris.  Hope all is well with you. 

May 29, 2008 02:31 AM