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.
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.
- 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. We have the ability to default the selections within the dropdown on a state by state basis if preferred:
- 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
- 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).