Compliance case Cedar Folder frames the issue this way. In a Tallahassee transaction, a closing coordinator wants the Florida rule on loan-closing structures. Which statement is correct?
Correct Answer
A) The documentary stamp tax on a note is imposed on the written obligation to pay money.
The documentary stamp tax on a note is imposed on the written obligation to pay money. This follows F.S. § 201.08; Florida Dept. of Revenue documentary stamp and nonrecurring intangible tax guidance; Pearson VUE Florida Sales Associate CIB.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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