Closing Procedures CalculationsTransfer_taxMEDIUM
A Florida property sold for $400,000. Calculate the documentary stamp tax on the deed:
Correct Answer
B) $2,800
Documentary stamp tax: $400,000 ÷ $100 = 4,000 × $0.70 = $2,800.
Answer Options
A
$1,400B
$2,800C
$4,000D
$800Video Explanation3 min
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Related Topics & Key Terms
Related Topics:
closing-costs-calculationflorida-real-estate-taxesreal-estate-closing-process
Key Terms:
documentary stamp taxdeed transfer taxFlorida Statutes 201.02closing costsreal estate math
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- → A Florida buyer's side of the closing statement shows note documentary stamp tax of $875, nonrecurring intangible tax of $500, lender charges of $1,200, and recording charges of $95. What is the buyer's total for those stated items?
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- → In Florida real estate transactions, all of the following are typically paid by the buyer at closing EXCEPT:
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- → Scenario Harbor Manual raises this Florida point. A Florida buyer agrees by contract to pay a survey of $500, an inspection of $500, an appraisal of $575, and prepaid interest of $520. What is the buyer's total for these agreed costs?
- → A buyer in Orange County is purchasing a home for $295,000 with a conventional loan of $236,000. The lender requires: 1% origination fee, 0.5% discount points, $450 appraisal, $35 credit report, and $95 flood certification. The title company charges $1,100 for owner's title insurance and $650 for lender's title insurance. The buyer will also pay $375 for a home inspection. What is the buyer's total closing costs for these items?
- → A buyer in Palm Beach County is purchasing a waterfront home for $850,000 with a jumbo loan of $650,000. The lender charges 1.5% origination fee, 0.75% discount points, and a $1,200 underwriting fee. The documentary stamp tax on the deed is $3.00 per $1,000, and intangible tax on the mortgage is $2.00 per $1,000. If the buyer pays all lender fees and intangible tax, while the seller pays deed stamps, what is the buyer's total cost for these items?
- → An investor in Sarasota is purchasing a commercial property for $1,200,000 with owner financing. There will be no traditional lender involved. The parties have agreed that the buyer will pay for the survey ($2,500), environmental assessment ($5,000), and attorney fees ($3,500), while the seller will pay for title insurance and deed preparation. What is the primary difference in closing costs compared to a traditional financed transaction?
- → A Tampa Bay investor is purchasing a duplex for $185,000 with a $148,000 mortgage. In Hillsborough County, the documentary stamp tax on the deed is $3.00 per $1,000 and the intangible tax on the mortgage is $2.00 per $1,000. The title insurance premium is $5.75 per $1,000 of the purchase price. What is the total cost for documentary stamps, intangible tax, and title insurance?
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