And maybe you don't either.
But in the past few months I had a lot of questions about doc stamps on the deed in a short sale situation. I know, it does not strike us as fair,( but what is fair when it comes to taxes) but for now it is what it is and that means YES you will have to pay doc stamps on the deed not only for the sales price but also for the portion of money that you owe to the bank that is the difference between your sales price and your mortgage.
Translation is, You owe $200,000 on your loan, you sell for $150,000 You have to pay doc stamps on the deed on the $200,000 not on the sales price.
Short sale or not, they want the taxes. In most of Florida (Miami - Date county is 60 cents) that would be 70 cents per $100 (or portion thereof) of the sales price or mortgage amount, whichever is higher.
Here is a link that might explain it better than I can. http://dor.myflorida.com/dor/taxes/doc_stamp.html
I can only say it over and over again, before you decide to do a short sale, get all the information you can.
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Great information -I will check out the link!
I have a full HUD completed at the time of submitting the short sale package to the lender.. and this HUD shows all the taxs and fees due 60 days out.
Eric, we do the same and that is the way to go, but a lot of sellers in a short sale situation just do not realize that there are at least 5 to 7% of fees, taxes, commission etc. that someone has to pay.do not realize that
I have done short sales and the thing I do know is that its impossible to know everything. They all seem so different. It is good to get a heads up though when people are overlooking things.