Resources

Give Counselors Title the opportunity to save you money on your closing costs. Simply answer a few questions in our CLOSING COST CALCULATOR FOR MD, DC OR VA,  or call us at (202)-686-0100 to get the best possible quote.

CALCULATING CLOSING COSTS

1. Some General Principals
1. ‘Tis better to overestimate than underestimate
2. First payment on a new loan will be due on the 1st day two months after the settlement ( i.e., close in February, 1st payment is April 1)
3. Loan interest is paid in arrears
2. Seller costs
1. Payoffs
1. RoT: Add 1 payment to principal balance
2. Releases ($135.00 per release, $35 per release tracking)
3. Tax Adjustments (usually a credit in MD, debit in DC)
4. Transfer and Recordation Taxes (see below)
5. Settlement Fee($399.00), MD Withholding($45)
6. Commissions, Transaction fees and costs advanced
3. Buyer costs
1. Transfer and Recordation Taxes
1. Maryland(MoCo)
1. Total of 2.39 % of purchase price. Effective 9/1/16, add an additional .46% to the amount in excess of $500,000
2. Parties split unless otherwise agree (almost 1.2% each)
3. First Time Home Buyer
1. exempt from State Transfer only
2. Seller pay unless otherwise agree
4. Owner Occupant
1. 1st $100K exempt from State Recordation only
2. $890.00 savings ($445 each if split)
2. D.C.
1. Total of 2.9% (if under $400,000.00, total of 2.2%)
1. Transfer Tax (Seller) 1.45% (1.1% if under $400K)
2. Recordation Tax (Buyer) 1.45% (1.1% if under $400K)
2. parties split unless otherwise agreed (1.45% each)
3. VA.
1. Buyer pays grantee taxes of 0.3334% per document.
2. Seller pays grantor taxes of 0.25% of sales price
4. CALCULATING CLOSING COSTS
1. Escrows
1. Property taxes
1. Maryland (www.montgomerycountymd.gov/apps/tax)
1. Tax year runs 7/1 to 6/30
2. Taxes payable:
   9/30 (7/1 – 12/31)
   12/31(1/1 – 6/30)
3. need 11 months by September payment
4. Estimated Months of Escrow needed: J(4);F(5);M(6);A(7);M(8);J(9); J(10);A(11);S(6);O(7);N(8);D(3
2. D.C. (www.taxpayerservicecenter.com)
   1. Tax year runs 10/1 to 9/30
   2. Taxes payable:
      3/15 (10/1 – 3/30)
      9/15 (4/1 – 9/30)
   3. need 8 months by March or September payment
   4. Estimated Months of Escrow needed:
      J(7);F(8);M(3);A(4);M(5);J(6);
      J(7);A(8);S(3);O(4);N(5);D(6)
3. Virginia (www.fairfaxcounty.gov/dta/pay-real-estate-taxes/)
1. Tax year runs 1/1 to 12/31
2. Taxes payable (Varies by County)
   7/28 (1/1 – 6/30)
   12/5(6/30 – 12/31)
3. need 8 months by July payment
4. Estimated Months of Escrow needed:
   J(2);F(3);M(4);A(5);M(6);J(7); J(8);A(4);S(5);O(6);N(7);D(8)
2. Homeowner’s coverage
1. Need 1 year up front plus 3 months
2. Title Insurance
1. Figure $5.23 per $1,000.00 ($6.84 for DC)
2. Ask us about possible reissue discount
3. Tax Adjustments (usually debit in MD, credit in DC and VA)
4. One Title Fee, including title abstract ($899)
5. Filing Fees
1. MD: $60.00 per document (estimate $120.00)
2. DC $31.50(1st 2 pages) , then $7.00 per page (estimate $188.00)
3. VA $43.00 (estimate $99)
6. Possible Tax escrows by title company
1. MD (September and December)
2. DC (March and September)
3. VA (July and December)