BTC - July 2015

July 24, 2015  
 

 

WE WANT TO MAKE YOU AWARE OF SOME RECENT AND UPCOMING CHANGES IN RECORDING CHARGES AND FEES IN CECIL COUNTY AND CHARLES COUNTY, MD:

Charles County has enacted a new County transfer tax of 0.5% of the consideration identified in any deed recorded on or after August 8, 2015.

The bill does provide an exemption of the first $50,000 of the consideration for first time homebuyers of residential, owner-occupied real property, provided that the deed is accompanied by an affidavit signed under oath by the grantee that the residence will be occupied by the grantee for at least seven months of any twelve-month period. It is important to note that any document presented for recording on or after August 8, 2015 will be subject to the transfer tax, irrespective of the date of the document or date of closing. There is no "grace period. Therefore, Brennan Title Company offices will be collecting this tax for any Charles County sale transactions that occur on or after August 1, 2015, in order to ensure that the deed is able to get on record. While we will make our best efforts to record deeds executed prior to August 8 before the tax is implemented, we cannot guaranty that all deeds presented to the clerk prior to August 8 will be recorded prior to new tax implementation, due to the anticipated backlog at the clerk's office caused by this change, as well as the fact that the final water bill must also be paid as part of the deed recording process, which often takes 24-48 hours.

Cecil County has increased its deed transfer fee, currently $10.00 per deed, to a fee of 0.5% of the consideration identified in the deed or other instrument involving a transfer of an interest in land (e.g. sales price). This increase was effective July 1, 2015.  

 
Per Cecil County Council, properties that were under contract as of June 1, 2015, will not be subject to the new fee, (and will be subject to the existing transfer fee of ten dollars ($10.00)), provided that settlement on the transfer of land occurs on or before August 31, 2015 and an affidavit is submitted along with the recording attesting to the contract date. However, properties that fail to record the transfer on or before September 15, 2015 shall be assessed the new 0.5% transfer fee. So if you've got a contract for Cecil County, MD property signed prior to June 1, do your best to get the transaction to the table and recorded as quickly as possible to avoid the new recording fee! 
We will continue to do our best to keep you informed of upcoming changes. We appreciate your business, and the trust and faith that you put in Brennan Title Company to provide you service "second to none."  

 

Please feel free to contact me at any time by e-mail or phone at jbrennan@brennantitle.com or 301-261-8177-my direct line. 

 

 

 

John M. Brennan

 

Attorney

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