What sales price goes on a deed for a Sub2 transaction?

[Jerry Kisasonak]

I am working on a Subject-to deal and wanted to know how much transfer tax I'd pay on the deal. Of course, this depends on the purchase price. But on a Sub2 deal, what goes on the deed at the purchase price? My initial thought is that it would be the loan balance. Is this correct?

[Stephen Chittenden]

I don't know about Pennsylvania, but I know Maryland says you have to include the value of the debt.