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.

Subject to limited exemptions, the recording of most deeds, including deeds of trust and mortgages, requires the payment of recording tax in Virginia (at a rate of 25 cents on every $100 or fraction thereof of the principal amount secured, as such rate reduces incrementally for each $10 million up to $40 million, and thereafter at 13 cents) plus local recording tax equal to one third of the state recording tax. On deeds of trust or mortgages securing the refinancing of an existing debt secured by a deed of trust or mortgage on which the tax was paid, the rate for the state recording tax is 18 cents on each $100 of the principal amount secured, declining to 10 cents for amounts at or above $40 million, plus the local tax equal to one third of the state tax. In addition, there are administrative filing fees charged by the recording offices. In connection with enforcing its lien, a lender will incur administrative fees and attorneys’ fees, and will often need to cure any unpaid taxes.

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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