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 kiffer3
Joined: 21 Jan 2008
Posts: 1
1.39 Dollars($)
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 Posted: Mon Jan 21, 2008 3:30 pm Post subject: DOC Stamps & Quit Claim |
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Hello,
I live in Orlando, Fl and about 2 years ago, my parents quit claimed a house that i was living in to me. I recorded the transfer and assumed the existing mortgage that my parents originally had on the house. Just recently, I received a letter from the state telling me that I have to pay Doc stamps on the entire recorded mortgage value.
Is this true? I was told when i first went to file at the County office that since I was assuming the existing morgage no consideration was taking place.
Any help would be appreciated.
Thank you. |
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larry
Joined: 27 Jun 2007
Posts: 3074
431.95 Dollars($)
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| Posted: Mon Jan 21, 2008 3:48 pm Post subject: |
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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 |
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sara
Joined: 05 Jul 2006
Posts: 958
Location: New Brunswick, New Jersey
183.54 Dollars($)
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| Posted: Mon Jan 21, 2008 10:49 pm Post subject: RE: doc stamp for mortgage |
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Hi Kiffer,
When I first read your post, I thought the letter may have reached you late. But after I went through the entire post, what i can't understand is why they are asking for the doc stamp now if they have said there aws no consideration involved. Well, I don't quite know the reason, but as per the Flroida laws, you need to pay the doc stamp for both the quitclaim as well as mortgage documents.
For more details on Florida doc stamp, please refer to http://dor.myflorida.com/dor/taxes/doc_stamp.html .
Take Care |
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Kiffer
Guest
0.10 Dollars($)
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| Posted: Tue Jan 22, 2008 6:15 am Post subject: DOC Stamps & Quit Claim |
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Just to clarify things a little. I did pay doc stamps on $10 or $0.70.
I thought i was told since i was assuming the existing mortgage I didnt have to pay but the letter from the state says i need to pay on the mortgage value at the time of transfer. Is this correct? |
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Ryan
Guest
0.10 Dollars($)
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| Posted: Tue Mar 11, 2008 2:19 am Post subject: |
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| Yes Kiffer, you need to pay the doc stamps on half of the outstanding balance of the mortgage at the time of transfer. |
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