I know this has been discussed but I couldn't find it with search, sorry. In Oklahoma we have mortgage tax (required on every mortgage filed in the state) and doc stamps (fees charged to transfer ownership/deed). Recording fees or transfer taxes?

Thanks!

Mortgage tax = recording fee
Doc Stamp = Transfer Tax

Thanks! That's what I thought, I was just second guessing myself.

OK, I have an attorney at a title company that does not agree with this. He believes mortgage tax (filed on every mortgage, not just when changing title) should always go under transfer taxes and be subject to zero tolerance. Help!

I would agree with the attorney.


to expand. If it's not a fee to RECORD the documents and it's a TAX on mortgages and/or home sales...it's a transfer tax category.

We have the following "transfer taxes" in GA and FLA:

Intagible Tax, GRMA Fee, , Ga transfer taxes and Florida Doc Stamps

So with transfer taxes, it's basically any tax paid to the government regardless of if there is a transfer of ownership?

yeah..that would be what our intangible taxes are. Transfer not required, it's based on term.

Sorry Carter, I concur with others that the mortgage tax is indeed classifed in the "Transfer Tax" bucket. Perhaps HUD will rename that bucket someday.....

Are we brave enough to hold our breathes?

I agree with your attorney.

GFE -

Block 7 (Recording Charges) - "These charges are for state and local fees to record your loan and title documents"

Block 8 (Transfer Taxes) - These charges are for state and local fees on mortgages and home sales"

I think it's the "transfer" in "transfer taxes" that makes it confusing.

It seems there are people on both sides of this fence. It would be nice to have clarification from HUD.

I think this is one thing that is pretty clear.

We have title companies doing it both ways.

That's always fun! title companies and attorneys, IMHO, did not educate themselves on the new RESPA like they should have. You are in the driver's seat as the lender...so you are responsible for it being done right and can direct them likewise.

What did you decide to do Carter's Mom about the transfer taxes. Please let me know.

Thanks