1Florida Real Estate Commission Course IPre-Licensing Coursefor Sales AssociatesSession 14 – Lecture 4Real Estate Computations and Closing of TransactionsCopyright, 20052Lecture Preview•What will you learn from this lecture?–Identify three state taxes on the transfer of real estate–Calculate state taxesCopyright, 20053Vocabulary Terms•None!Copyright, 20054State Transfer Taxes•Documentary stamp tax on the deed•Documentary stamp tax on the note•Intangible tax on new mortgagesCopyright, 20055Doc Stamps on the Deed•Based on the full purchase price•$.70 per $100 (or any fraction thereof) of purchase price•$.60 per $100 (or any fraction thereof) of purchase price in Miami-Dade area•Must be paid at closing•Negotiable expense (but usually paid by seller)Copyright, 20056A home sold for $325,000. What will be the charge for documentary stamp tax on the deed? $325,000 contains 3,250 increments of $100 ($325,000 ÷ $100 = 3,250)3,250 x $.70 = $2,275Another method…$325,000 x $.007 = $2,275
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