Finance
The Grantor's Tax in Virginia is calculated at:
A$0.25 per $500 of sale price
B$0.50 per $500 of sale price✓ Correct
C$1.00 per $500 of sale price
D$1.50 per $500 of sale price
Explanation
Virginia's Grantor's Tax (deed recordation tax paid by the seller/grantor) is $0.50 per $500 of the consideration (or fraction thereof) of the real estate transaction.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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