Deed of trust fees

[Thomas P.]

I am using private money for a purchase. The person lending me the money is a friend. The reason I am using his money short term is to get on the deed and own the property free and clear (on paper). After two years refi and pay him back plus the agreed upon interest. My question is does a deed of trust need to be filed like a mortgage. When recording a mortgage it would cost me about $3,900 that is the fee I am looking to avoid. Does a deed of trust carry the same fees or tax as mortgage recording.

Thanks for your help.

[Account Closed]

Originally posted by @Account Closed:

I cannot speak for NY.

In my county, you only pay for the recording fee of the Deed of Trust, which is $7/page. The Deed of Trust must be notarized, and you pay the notary person $10/signature.

The county and city transfer taxes are based on the property value when you sor buy it. It has nothing to do with the Deed of Trust. Hope someone from NY will chime in.

You can also go down to the county and ask the clerk recorder to be sure before moving forward.

NY and NYC have a recording tax on mortgages. The NYC tax can be as high as 2.8% of loan amounts over $500K. The counties range anywhere from .75 to 1.3%. Yuk.

Let us give thanks yet again for California.