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Cost To Sell A Home Goes Up | Business

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Cost To Sell A Home Goes Up
Cost To Sell A Home Goes Up

Effective July 1, 2013 – the Grantor’s Tax on homes sold in Northern Virginia will be going up. Any deeds presented to the Clerk of the Court for recordation on or after that day must reflect the higher fee. (This is a tax normally paid by Home Sellers, not by Home Buyers.)

  • Prior to July 1, the Grantor’s Tax is $1.00 per $1,000 of sales price (or assessed value if the value is higher than sales price.)
  • On July 1, the Grantor’s tax increases to $2.50 per $1,000 of sales price (or assessed value if the value is higher than sales price.)

So how does this affect you?

As an example, if are selling a home in Vienna, and the sales price is $800,000 (with an assessed value of $760,000):

  • Prior to July 1, you would pay $800.
  • If you settle and record on July 15, the tax would be $2,000!

The Belt Team has quite a few settlements this week (as is typical at the end of any month). In order to protect our Sellers from rising taxes and to save them money, we made sure to either negotiate settlement dates early in the week (to ensure recordation prior to July 1) or to work only with settlement companies who have track records of recording quickly.

I was recently reading comments in a private Northern Virginia Real Estate Facebook group I participate in and this one popped up:

“Did I just miss this? It’s costing me an extra $2,000 on my next closing!”

The post linked to a notice about the change in Grantor’s Tax. The agent posting was selling a home for himself and was not aware of the change until this week. He is closing July 5th. If he had been aware of the change, he could have moved the closing up to this month and saved $2,000!

This is just another example of why you should always hire the best Realtor in Northern VA, preferably a team, who does a high volume of business, does it full-time and does it well. They are much more likely to be able to look out for YOUR best interests and save you both time and money!

The Belt Team's mission is “Changing Lives For The Better – One Family At A Time!” How Can The Belt Team Help YOU?! (Read more on our Northern Virginia real estate blog.)