Unit 3: Recording & Fee Flashcards
1
Q
Who establishes the recording process?
A
The state
2
Q
T/F In MN, each county has a county recorder who is responsible for organizing and maintaining recorded documents.
A
True
3
Q
Who receives the state deed tax?
A
The county treasurer
4
Q
Who pays the state deed tax?
A
The seller when the deed is recorded.
5
Q
What is the state deed tax?
A
0.33% of the net sales price
$3.30/$1000
$1.65/$500
6
Q
The state deed tax is calculated based on the net sales price. What is the net sales price?
A
The sales price less any assumed mortgages.
7
Q
Who pays for the mortgage registry tax?
A
The mortgagor/borrower before the mortgage is recorded.
8
Q
What is the mortgage registry tax?
A
0.23% of the new mortgage amount
$2.30/$1000
