Chapter 14: Real Estate Computations and Closing of Transactions Flashcards
Items Subject to Proration
Items subject to proration include_________ _______ when a loan is being assumed, ________ _______ ______, __________ and _______.
mortgage interest; real estate taxes, insurance, and rent
State Documentary Stamps
What is the tax rate regarding documentary stamps?
In Dade County $.60 per $100 value or fractional part thereof and $.70 elsewhere
State Documentary Stamp Tax on Promissory Note
The state doc stamp tax on a promissory note is calculated at the rate of ____ per ____ or fractional part thereof on the total amount of the note.
$.35 per $100
State Intangible Tax on Mortgages
The state intangible tax on mortgages is paid on all ___ ________ only.
new mortgages
State Intangible Tax on Mortgages
The state intangible tax on mortgage is calculated at the rate of __ mills on the total amount of the new mortgage
2 (.002)
