doc stamps

linc3268 · Joined: 23 Mar 2006 Posts: 6 0.22 Dollars($)

In recording a quit claim deed, do doc stamps always need to be paid?

adonis · Posted: Thu Mar 23, 2006 9:15 am Post subject: RE

Hi, LINC

Yes, doc stamp is paid on all the deeds. It is generally $.70 per $100.00 of the sale price, applies to the full consideration; this includes existing mortgages. It is the minimum amount.

Thanks

linc3268 · Joined: 23 Mar 2006 Posts: 6 0.22 Dollars($)

What if it is a gift?

Guest 0.10 Dollars($)

I think in case of gifts you dont have to pay such charges

Samantha · Posted: Thu Mar 23, 2006 10:02 am Post subject:

Hi Linc,

Welcome to MortgageFit Forums.

To make any property transfer legal, you need to pay the transfer taxes and stamp duty.

As per the Stamp Act, in gifted properties, the transferor is liable to pay the duty chargeable on the gifted amount.

He can get a refund of this amount only it the transferee has already paid that amount.

God bless you.

For MortgageFit,
Samantha

linc3268 · Joined: 23 Mar 2006 Posts: 6 0.22 Dollars($)

doc stamps were just paid in Dec. We bought the home together, unfortunately all four of us neglected to sign the sales agreement . as a result only two names are on the house

Samantha · Posted: Thu Mar 23, 2006 10:32 am Post subject:

Hi Linc,

Welcome again.

That's an unfortunate incident. Did you talk to a local real estate attorney and checked whether anything can be done on this?

I think he can suggest a probable way to clear up things for you.

Feel free to ask if you have any more queries.

God bless you.

For MortgageFit,
Samantha

linc3268 · Joined: 23 Mar 2006 Posts: 6 0.22 Dollars($)

I spoke to an attorney that is drawing up a quit claim deed from my daughter and her husband to my daughter,her husband, my husband and myself, however he said somtimes on a gift of love that it can be where no doc stamps are required. I'm trying to find out if this is true

Samantha · Posted: Thu Mar 23, 2006 11:00 am Post subject:

Hi Linc,

Yes, your attorney is correct. I just spoke to a local attorney and he said that when there is a property transfer through gift either from children to the parents or from the parents to the children, no stamp duty is required to be paid.

God bless you.

For MortgageFit,
Samantha

linc3268 · Joined: 23 Mar 2006 Posts: 6 0.22 Dollars($)

Even in Florida?

Samantha · Posted: Thu Mar 23, 2006 11:21 am Post subject:

Hi Linc,

Yes this is true for Florida too. I checked with some documents and so far I could find it out that a supreme court decision in 2005 has exempted documentary stamp tax on property transfers without any exchange of value.

I think that answers your query. But you should check it out with a person in the field of law as I am not attached to that field.

God bless you.

For MortgageFit,
Samantha

linc3268 · Joined: 23 Mar 2006 Posts: 6 0.22 Dollars($)

Thank you very much

Guest 0.10 Dollars($)

My sister completed a quick claim from her father and onthe tax records it indicates that $53,500 was the sales price for doc stamps. Who actually recvs this money and could the preparer of this doc get this money.

Guest 0.10 Dollars($)

Hi,

It is to be paid at the time of recording a deed. The charge varies with countys.

Rhonda

jameshogg · Posted: Fri Apr 21, 2006 3:14 pm Post subject:

Hi,

I think you are confused with the figure that you need to pay. As said by Rhonda, doc stamp is a tax imposed on the grantor of a deed. It has to be paid while recording the deed unless the deed is exempt.

The minimum tax is generally $.70 per $100.00 of the sale price. So, it means that you need to pay $374.5 as doc stamp tax for sale price $53,500 at the time of recording.

You can clear things up better with a real estate attorney.

James

All times are GMT - 7 Hours
1 2 Next
Page 1 of 2