Last Updated May 14, 2019

Law and Practice

Contributed By McGuireWoods LLP

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McGuireWoods LLP has a diverse real estate practice of more than 80 lawyers and land use planners in its offices in Tysons, Charlottesville, Richmond and Norfolk, with skills in a wide range of traditional and non-traditional real estate transactions. The firm’s transactional representation spans all aspects of real estate acquisition, development, financing and disposition, including acquisition, sale, leasing and financing transactions, as well as project finance, construction, public-private partnerships, negotiation of local and state incentives and privatization transactions. The team respresents clients around the world on various sides of such transactions, including Fortune 500 companies. The transactional practice is complemented by the firm’s land use expertise, as it frequently handles zoning and land use matters for development projects.

The Grantor Tax (Section 58.1-802 of the Virginia Code) is a tax imposed on each deed by which realty is conveyed. The amount of this tax is 50 cents for each $500 or fraction        thereof of consideration (exclusive of assumed debt). Section 58.1-811C of the Virginia Code lists certain exemptions. This tax is typically paid by the seller.

The Regional WMTA Capital Fee (Section 58.1-802.3 of the Virginia Code) is a tax imposed on each deed by which realty located in any county or city that is a member of the Northern Virginia Transportation Authority is conveyed. The amount of this tax is 15 cents for each $100 or fraction thereof of consideration (exclusive of assumed debt). The same exemptions that apply to the Grantor Tax apply to this tax. This tax is typically paid by the seller.

The State Recordation Tax (a/k/a “Grantee Tax”) (Section 58.1-801 of the Virginia Code) is imposed on every deed admitted to record, except those that are exempt by law. The amount of this tax is 25 cents for every $100 or fraction thereof of the consideration of the deed or the actual value of the property conveyed, whichever is greater. Section 58.1-811A of the Virginia Code lists certain exemptions. This tax is typically paid by the buyer.

The Local Recordation Tax (Section 58.1-814 of the Virginia Code) is a tax that localities are authorized to collect in addition to State Recordation Tax. This tax is equal to one-third of the amount of state recordation tax, and is typically paid by the buyer.

McGuireWoods LLP

1750 Tysons Boulevard
Suite 1800
Tysons, VA 22102-4215

+1 703 712 5000

+1 703 712 5050

info@mcguirewoods.com www.mcguirewoods.com
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Authors



McGuireWoods LLP has a diverse real estate practice of more than 80 lawyers and land use planners in its offices in Tysons, Charlottesville, Richmond and Norfolk, with skills in a wide range of traditional and non-traditional real estate transactions. The firm’s transactional representation spans all aspects of real estate acquisition, development, financing and disposition, including acquisition, sale, leasing and financing transactions, as well as project finance, construction, public-private partnerships, negotiation of local and state incentives and privatization transactions. The team respresents clients around the world on various sides of such transactions, including Fortune 500 companies. The transactional practice is complemented by the firm’s land use expertise, as it frequently handles zoning and land use matters for development projects.

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