Posted on: 18th Aug, 2010 05:57 pm
When refinancing a mortgage where there is no transfer of title, is there still a transfer tax levied at closing? This is for the state of Florida
Hi Steve!
Welcome to forums!
If the property is not being transferred to someone else, then the parties who are refinancing the loan will not be liable for paying the property transfer tax.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is not being transferred to someone else, then the parties who are refinancing the loan will not be liable for paying the property transfer tax.
Feel free to ask if you've further queries.
Sussane
i am refinancing a home in florida. it is my understanding that if the property deed is not being transfered then the tax does not apply. what if the deed is in the wifes name and for the purposes of the refinance we are adding a spouse to the deed to satisfy the transaction?
If a person is being added to the property deed at the time of refinancing, then the person will have to pay the transfer taxes.
It might also be added that apparently there is a transfer tax if you refinance and go from a title in a person's name to a title in that person's TRUST. Cute way to tax people!
I have to agree with Sussane. You don't have to worry about paying property transfer tax since you are not going to transfer the property to someone else.
