Finance
In Florida, the documentary stamp tax on a mortgage (also called an 'intangible tax' or 'mortgage tax') is charged at:
A$.35 per $100 of the mortgage amount✓ Correct
B$.20 per $100 of the mortgage amount
C$.70 per $100 of the purchase price
DNo documentary stamp tax is charged on mortgages in Florida
Explanation
Florida charges documentary stamp tax on promissory notes and mortgages (the intangible tax) at $0.35 per $100 (or fraction thereof) of the principal amount of the note.
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Key Terms to Know
Promissory Note
A written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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