| Real Estate Transfer Tax |
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Some states have a variety of transfer tax laws which may include specific exemptions for certain types of buyers based on buying status or income level (e.g. Maryland exempts certain "first time buyers" from a percentage of the total [http://www.dat.state.md.us/sdatweb/transfer.html Maryland transfer rates, by county]) or excludes a portion of the property's sales price from taxation altogether). Another variation which exists is either the legal requirement to split the taxes between the parties or the local custom to do so. Thus, in Washington, DC, the 2.2% is generally split between the seller and the buyer. Prior to buying or selling, it is advisable to check with the Recorder of Deeds, a Realtor, or title company to confirm a specific jurisdiction's practices. SEE ALSO
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