06/30/2020
Caveat Venditor!
Most everyone is familiar with the warning, caveat emptor which is Latin for, "let the buyer beware," but this is warning to seller's of real estate. The Virginia General Assembly passed, and Governor Northam signed into law a tax increase for Sellers of real property in Norfolk, Virginia Beach, Chesapeake, Portsmouth, Hampton Roads and Newport News. As of 1 July 2020, an additional tax will be assessed as the Hampton Roads Regional Transportation Improvement Fee. The additional fee will be $.06/100 on all documents conveying real property in those cities. As such, and as an example, on a $350,000.00 home sale the standard Grantor's tax of $350.00 will be assessed plus the additional $211.00 fee for the Transportation Improvement fee. Caveat Venditor, let the seller beware.
Jeffery L. Nuckolls
BASNIGHT KINSER LEFTWICH & NUCKOLLS, P.C.
Attorneys and Counsellors At Law