In Illinois, who is typically responsible for paying the mortgage recording tax when a new mortgage is recorded?
Correct Answer
C) The borrower/mortgagor
The borrower (mortgagor) is typically responsible for paying the mortgage recording tax in Illinois
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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.
More Financing Questions
Which Hawaii rule controls when a lender intends to use power of sale foreclosure on residential property?
A Hawaii licensee is reviewing a candidate asks whether a Hawaii mortgage passes title to the mortgagee. What is the best answer?
Wisconsin recording fees are paid to the:
An appraisal of a Wisconsin dairy farm would most likely use:
Property tax prorations at a Wisconsin closing are typically calculated:
- → The FHA loan program in Wisconsin allows buyers to purchase with as little as:
- → Wisconsin's WHEDA (Wisconsin Housing and Economic Development Authority) assists homebuyers by:
- → Wisconsin foreclosures are:
- → Wisconsin uses which theory of mortgage law?
- → In Utah, what is the standard non-judicial foreclosure process under a deed of trust?
- → After a non-judicial foreclosure sale in Utah, does the borrower have a statutory right of redemption?
- → A Utah lender requires private mortgage insurance (PMI) on a conventional loan. Under what condition can the borrower request PMI cancellation under the federal Homeowners Protection Act?
- → Utah is classified as which type of state regarding the security instrument used for most residential mortgage loans?
- → Under Utah law, which of the following liens generally has the HIGHEST priority?
- → A Utah property has both a first mortgage and a second mortgage. If the first mortgage is foreclosed, what happens to the second mortgage?
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