A real estate licensee in Arlington County is explaining the Virginia grantor's tax to a seller client preparing to close on a residential sale. The seller asks who is responsible for paying the grantor's tax and when it must be paid. Which response is most accurate under Virginia law?
Correct Answer
B) The grantor's tax is paid by the seller at the time the deed is presented for recordation in the circuit court clerk's office
Under Va. Code § 58.1-801, Virginia imposes a grantor's tax (deed recordation tax) on the grantor (seller) at the time the deed is presented for recordation. The tax is calculated based on the consideration paid for the property and must be paid to the circuit court clerk at the time of recordation. This is a Virginia-specific transfer tax obligation triggered by the act of recording the deed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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