Refinancing Advice Documentary Stamp Tax
Ask Kate: Refinancing Advice - Documentary Stamp Tax Kate, I refinanced about 3 years ago in Florida. Now the state of Florida is asking me to pay some sort of tax that was not paid by the refinance company back then.
Am I liable for this or should my mortgage company pay? The tax is a documentary stamp tax. I cannot believe that I am liable for this after 3.5 years from a refinance. This goes to show you that you cannot even trust the mortgage company to complete the transaction correctly!
Kate Answers: Refinancing Advice Documentary Stamp Tax
Hi Mark, My refinancing advice is to call your mortgage lender - the one you used for the refinance, assumption they are still in business. You will never know how they might respond if you don't try.
It is certainly worth a call.
Of course, I do not know individual laws in each state as they vary. But documentary stamp tax or excise tax can be required in a refinance similar to a purchase under certain circumstances, in some states.
Many times the trigger is with title changes, such as adding someone to title or taking a current owner off.
I hope you'll come back to my website Get Your Best Mortgage Rate again and let us know how the lender responds. Maybe you will have some advice regarding documentary stamp tax to share with others.
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