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Calculate transfer and recordation fees
There are typically three government taxes which are charged when transfering real estate in Maryland: a state recordation tax, a state transfer tax, and a county transfer tax. (Note: not all counties collect a transfer tax.) Maryland state law dictates that, unless otherwise provided in the contract, transfer and recordation taxes are to be split equally between the purchaser(s) and seller(s). If the purchaser(s) is a first time homebuyer(s) in the State of Maryland, Maryland law exempts the purchaser(s) from paying any state transfer tax and requires the seller(s)to pay a transfer tax of .25% of the purchase price. When refinancing, typically only state recordation taxes are collected. These taxes are collected on the difference between the principal of the existing loan being paid off and the principal of the new loan. **
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