A Florida buyer signs a promissory note for $245,000 secured by Florida real property worth at least that amount. What is the combined total of the documentary stamp tax on the note and the nonrecurring intangible tax?
Correct Answer
B) $1,347.50
Add the note documentary stamp tax and the nonrecurring intangible tax. That gives $857.50 + $490 = $1,347.50.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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