A property outside Miami-Dade County sells for $750,000. The buyer assumes an existing mortgage of $320,000 and pays $430,000 in cash at closing. The buyer signs a new promissory note for the assumed amount. Using Florida's standard documentary stamp tax rates ($0.70 per $100 on the deed and $0.35 per $100 on the note), what is the total documentary stamp tax due on both the deed and the note?
Correct Answer
C) $6,370.00
Deed stamp tax (outside Miami-Dade): $750,000 / $100 x $0.70 = $5,250. Note stamp tax on the $320,000 assumed obligation: $320,000 / $100 x $0.35 = $1,120. Total = $5,250 + $1,120 = $6,370.
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Previous Question
Tom sells his property to Lisa, who fails to record her deed. Lisa then sells to Mark, who records his deed immediately. Six months later, Tom fraudulently sells the same original property to Nancy, who has no knowledge of the previous sales and records her deed. Under Florida law, who has the best claim to the property?
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Which deed is most commonly used in Florida residential transactions?