FRECI_14-4 - Lecture Preview Florida Real Estate Commission...

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Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 14 – Lecture 4 Real Estate Computations and Closing of Transactions Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Identify three state taxes on the transfer of real estate Calculate state taxes Copyright, 2005 3 Vocabulary Terms None! Copyright, 2005 4 State Transfer Taxes Documentary stamp tax on the deed Documentary stamp tax on the note Intangible tax on new mortgages Copyright, 2005 5 Doc 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, 2005 6 A 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
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_14-4 - Lecture Preview Florida Real Estate Commission...

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