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- New Virginia Laws Affect Real Estate in 2008.
New Virginia Laws Affect Real Estate in 2008.
Sheila Searcy, "Sheila Searcy"
Real Estate Agent
Contributions: 44
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I wanted to keep you all up to date on what's happeining in your community. 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.)
Many more issues......
Please go to my website to read the 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.
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