In Broward County, a seller is selling their home for $425,000. The documentary stamp tax on the deed is $3.00 per $1,000, and the intangible tax on the new mortgage of $340,000 is $2.00 per $1,000. If the seller pays the deed stamps and the buyer pays the intangible tax, what is the total documentary stamp cost for this transaction?
Correct Answer
C) $1,955
Correct: Documentary stamp on deed: ($425,000 ÷ $1,000) × $3.00 = $1,275. Intangible tax on mortgage: ($340,000 ÷ $1,000) × $2.00 = $680. Total documentary stamp costs: $1,275 + $680 = $1,955. Why not A: This only calculates one of the taxes. Why not B: This only includes the deed stamps. Why not D: This uses an incorrect calculation method.
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A buyer is purchasing a $350,000 home in Miami-Dade County with a 20% down payment. The lender requires an origination fee of 1% and discount points of 0.5%. The buyer will also pay for a survey ($450), home inspection ($500), and attorney fees ($800). What is the total amount of lender-related fees the buyer will pay at closing?
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In Florida real estate transactions, all of the following are typically paid by the buyer at closing EXCEPT: