A property in Florida sells for $485,000. What is the documentary stamp tax on the deed?
Correct Answer
A) $3,395.00
Correct: Documentary stamp tax is $0.70 per $100 of consideration. $485,000 ÷ $100 = 4,850 taxable increments × $0.70 = $3,395.00. Why not B: This incorrectly rounds up the taxable increments. Why not C: This uses $0.20 per $100, which is incorrect. Why not D: This uses $1.00 per $100, which is incorrect.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Adverse possession is a legal doctrine that allows a person to claim ownership of land by occupying it continuously for a statutory period under specific conditions, without the true owner's permission.
A bargain and sale deed implies that the grantor holds title and possession of the property but does not include warranties against encumbrances or title defects.
The chain of title is the sequential history of all transfers of ownership for a specific property, from the original source (typically a government patent or grant) to the present owner. An unbroken chain is essential for marketable title.
More Titles Deeds Recording Questions
In a Tampa transaction, a buyer wants the Florida rule on chain of title. Which statement is correct?
In Florida's recording system, what does 'constructive notice' mean?
In a Tampa transaction, a buyer wants the Florida rule on general warranty. Which statement is correct?
Which answer most accurately states the Florida rule for general warranty?
Sarah is selling her Miami Beach condominium to Robert. At closing, she signs a deed that contains warranties that she owns the property and has the right to convey it, but provides no warranties against defects that existed before she acquired the property. What type of deed did Sarah most likely execute?
- → All of the following are essential elements of a valid deed in Florida EXCEPT:
- → John and Mary own property in Jacksonville as tenants by the entirety. John wants to secretly transfer his interest to his business partner without Mary's knowledge or consent. He executes a quitclaim deed to his partner. What is the effect of this deed?
- → What is the main difference between a general warranty deed and a special warranty deed in Florida?
- → Under Florida law, what does 'constructive notice' mean in the context of recorded deeds?
- → In Florida, what is the primary purpose of the documentary stamp tax on deeds?
- → Which deed is most commonly used in Florida residential transactions?
- → Which answer most accurately states the Florida rule for chain of title?
- → In Florida, all of the following situations would typically be excluded from standard title insurance coverage EXCEPT:
- → Non-single-family real property in Miami-Dade County is conveyed for $220,000. What total deed documentary stamp tax and surtax are due?
- → A Florida owner uses a quitclaim deed to transfer whatever interest the owner has to a family member. Which statement about that instrument is incorrect?
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Previous Question
All of the following are required for a deed to be eligible for recording in Florida EXCEPT:
Next Question
Sarah receives a deed to property in Jacksonville but discovers that the previous owner had recorded a deed with a forged signature five years ago. The forged deed is still in the chain of title. What is the legal status of Sarah's deed?