Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
I think your numbers are slightly off. I think it went from $4/1000 to $5/1000. Let me know which is correct. Thanks
Bob Wolf
wolfintl@bww.com
I think your numbers might be off. I think it went from $4/1000 to $5/1000. Please let me know which is correct. If your numbers are right it's time for a Boston Tea Party!
Bob
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
New VA Laws Affect Real Estate in 2008
Sheila Searcy, "Sheila Searcy"
Real Estate Agent
Contributions: 44
View full profile
The Northern Virginia Association of Realtors legislative issues report…..The Virginia Transportation funding bill is set to increase Real Estate transaction cost in order to pay for regional roads and transit projects. The Northern Virginia areas affected are Fairfax, Loudoun, Prince William, Arlington and Alexandria.
The Real Estate transactions involve those who are buying/selling their property in 2008. The largest increase is the grantors tax paid at the time of closing by the seller. The grantors tax will increase from $.40 per $1000 to $5.00 per $1000. Please note that on new construction the buyer will incur this cost. In other words a person selling a $400,000 property, the rate of $5.00 per $1000 means an increase from $400 to $2,000.
The laws are scheduled to become effective on January 1, 2008. Because of the controversy that this legislation has caused, some changes maybe made to the proposed rules, however, the Title Companies are instructed to collect the fees in January until the laws are approved/disapproved. There is also additional legislation in the package on the following issues:
Condo and Property Owners Association Resale’s
Eminent Domain
Overcrowding violations
Real Estate Transactions
Real Estate Tax Relief
Landlord/Tenant Laws
Housing Assistance (Allows Prince William County to provide assistance for county and school board employees to purchase or rent residences within the county. Up to $25,000.)
Please go to my website to read complete report under my community tab on New Real Estate Laws at www.sheila-1toprealtor.com If you have any questions feel free to contact me.
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.