Lisa's attorney is preparing for her real estate closing in Suffolk County. The mortgage recording tax will be collected and remitted by which party?
Correct Answer
B) The county clerk collects the tax when the mortgage is presented for recording
The county clerk's office collects the mortgage recording tax at the time the mortgage is presented for recording. This is a direct payment to the county clerk, who then remits the appropriate portions to state and local tax authorities.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
More Financing Questions
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