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Updated over 3 years ago on . Most recent reply

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6
Posts
0
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Mete G.
  • Rental Property Investor
  • Cresskill, NJ
0
Votes |
6
Posts

Documentary Stamp Tax for transfers

Mete G.
  • Rental Property Investor
  • Cresskill, NJ
Posted

Hi Everyone, 

I've been receiving conflicting messages about this even from legal advisors and I wanted to check if anybody had an experience in this 

I recently purchased a property in Florida under my name and the mortgage is also under my name. I will be transferring the deed from my name to my existing sole-member FL LLC. but I will keep the mortgage under my name. (yes I'm aware of the due on sale clause but I'm not worried about it)

When I do the quit claim deed, I will pay for the recording fees to county. However, I'm not sure about below:

a) Do I pay any transfer tax to FL state? I assume yes because I have mortgage on the property.

b) Is this amount at 70cent for every $100 and assessed at FULL of my latest mortgage balance?

OR

c) Is this amount at 70 cent for every $100 and assessed at HALF of my latest mortgage balance?

I heard both options from different lawyers. 

also, how does FL state see my mortgage balance? do I submit them the latest mortgage statement as part of the filing? 

Appreciate your help if you went through this before. 

Thanks.

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