Virginia Real Estate Exam Practice Question
Which tax is usually paid by the buyer in Virginia?
Correct Answer: D
Rationale: In Virginia, the recordation tax is typically paid by the buyer when property is transferred. This tax is assessed on the deed and is a crucial part of the closing costs associated with purchasing real estate.
Option A, grantor tax, is generally paid by the seller, making it incorrect for this context. Option B, local transfer tax, may vary by locality, but it is not universally applicable as a buyer's responsibility. Option C, past-due property taxes owed by the seller, are the seller's obligation and not the buyer's. Understanding these distinctions is essential for navigating real estate transactions in Virginia.
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