Posted on: 21st Jan, 2008 02:30 pm
Hello,
I live in Orlando, Fl and about 2 years ago, my parents quit claimed a house that i was living in to me. I recorded the transfer and assumed the existing mortgage that my parents originally had on the house. Just recently, I received a letter from the state telling me that I have to pay Doc stamps on the entire recorded mortgage value.
Is this true? I was told when i first went to file at the County office that since I was assuming the existing morgage no consideration was taking place.
Any help would be appreciated.
Thank you.
I live in Orlando, Fl and about 2 years ago, my parents quit claimed a house that i was living in to me. I recorded the transfer and assumed the existing mortgage that my parents originally had on the house. Just recently, I received a letter from the state telling me that I have to pay Doc stamps on the entire recorded mortgage value.
Is this true? I was told when i first went to file at the County office that since I was assuming the existing morgage no consideration was taking place.
Any help would be appreciated.
Thank you.
Hi kiffer,
Welcome to the forum.
When you have recorded the deed, did not they ask you to pay anything? How much do you need to pay now?
I think you should ask them if there was any mistakes occurred at that time and that is why they are asking you to pay now or some thing else?
Best of luck,
Larry
Welcome to the forum.
When you have recorded the deed, did not they ask you to pay anything? How much do you need to pay now?
I think you should ask them if there was any mistakes occurred at that time and that is why they are asking you to pay now or some thing else?
Best of luck,
Larry
Hi Kiffer,
When I first read your post, I thought the letter may have reached you late. But after I went through the entire post, what i can't understand is why they are asking for the doc stamp now if they have said there aws no consideration involved. Well, I don't quite know the reason, but as per the Flroida laws, you need to pay the doc stamp for both the quitclaim as well as mortgage documents.
For more details on Florida doc stamp, please refer to http://dor.myflorida.com/dor/taxes/doc_stamp.html .
Take Care
When I first read your post, I thought the letter may have reached you late. But after I went through the entire post, what i can't understand is why they are asking for the doc stamp now if they have said there aws no consideration involved. Well, I don't quite know the reason, but as per the Flroida laws, you need to pay the doc stamp for both the quitclaim as well as mortgage documents.
For more details on Florida doc stamp, please refer to http://dor.myflorida.com/dor/taxes/doc_stamp.html .
Take Care
Just to clarify things a little. I did pay doc stamps on $10 or $0.70.
I thought i was told since i was assuming the existing mortgage I didnt have to pay but the letter from the state says i need to pay on the mortgage value at the time of transfer. Is this correct?
I thought i was told since i was assuming the existing mortgage I didnt have to pay but the letter from the state says i need to pay on the mortgage value at the time of transfer. Is this correct?
Yes Kiffer, you need to pay the doc stamps on half of the outstanding balance of the mortgage at the time of transfer.
I am a co-signer on a motgage .what steps do i have to do to get my name off this without refinacing? How much would I have to pay in Forida for Doc stamps on th remaining balance?
Hi carla,
I don't think the lender will agree to remove your name from the mortgage docs until the primary borrower refinances the property in his/her name. You will have to speak to the primary borrower of the mortgage.
Thanks
I don't think the lender will agree to remove your name from the mortgage docs until the primary borrower refinances the property in his/her name. You will have to speak to the primary borrower of the mortgage.
Thanks
After we made the ofer on a bank owned property we read further and saw where we have to pay DOC stamps. How much on Doc stamps on a 98 thousand dollar home??? Or is that simple???
Hi cheryl,
As far as I know, documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in real property. However, this may vary from state to state. It will be better if you could contact your county recorder's office in this regard.
Thanks
As far as I know, documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in real property. However, this may vary from state to state. It will be better if you could contact your county recorder's office in this regard.
Thanks