All of the following transactions are subject to New York State mortgage recording tax **EXCEPT**:
Correct Answer
C) A $300,000 share loan for a cooperative apartment in Brooklyn
Share loans for cooperative apartments are not subject to mortgage recording tax because cooperatives are personal property (corporate shares), not real property. The mortgage recording tax only applies to mortgages secured by real property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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.
More Financing Questions
Which Hawaii rule controls when a lender intends to use power of sale foreclosure on residential property?
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