By default, LodeStar will quote the transfer taxes on the respective payee side based on what is most common in that state. Again, these are LodeStar's defaults, but we do have the ability to make updates based on how you'd like to quote transfer taxes.
****Please see here LodeStar's transfer tax defaults, per state.****
For example, in the state of Virginia, LodeStar will quote the County and State Grantor Taxes on the sellers side with all other transfer taxes quoted on the buyer's side:
In Cook County, Illinois, LodeStar will quote the County and State Deed Taxes 100% on the seller's side:
There are a couple of options that LodeStar can update based on how you'd like to quote the transfer taxes:
- LodeStar can move all transfer taxes for all states to quote 100% on the buyer's side.
- LodeStar can update transfer taxes for specific states. For example, we can quote all transfer taxes on the buyer's side for Virginia and keep the default for Cook County, IL, which is quoting them on the seller's side. *This option is only available in Enterprise and Stargazer tiers.
- LodeStar can add a transfer tax spilt dropdown and this will give the user the ability to choose how they want to quote the transfer taxes on a per loan basis:
Borrower Paid - This will move all transfer taxes 100% on the buyer's side
Seller Paid - this will move all transfer taxes 100% on the seller's side
50:50 Split - This will split the transfer taxes 50% to the buyer and 50% to the seller
75:25 Borrower:Seller Split - This will split the transfer taxes 75% to the buyer and %25 to the seller
25:75 Borrower:Seller Split - This will split the transfer taxes 25% to the buyer and 75% to the seller
Default - the transfer taxes will be quoted based on what LodeStar has as the default for each county (**This is what you all are currently doing).
- *LodeStar does not have the ability to quote specific transfer taxes by percentages on either side.