Topics
7 Contract Terms You Must Know When Buying a Home
Beware of Boilerplate in Business Contracts
Buying or Selling a Business
Commercial Lease Issues
Foreclosure or Short Sale: Reduced Tax Assessment not Guaranteed
Foreclosures
Joint Ownership of Real Estate
Mortgage Forgiveness Debt Relief Act of 2007
Mortgage Modification Agreements
Short Sales
Smart Business Strategies for Tough Economic Times
The Housing and Economic Recovery Act of 2008
Recent Updates
January 31, 2010
Commercial Tenants Beware of Signage Restrictions
January 24, 2010
There is nothing short about a short sale ? but help may be on the way
January 24, 2010
Florida Supreme Court Adopts Mediation Program for Residential Foreclosures
January 07, 2009
Documentary Stamps Tax: The Hidden Cost of a Deed in Lieu of Foreclosure
January 07, 2009
Battling the Recession - Strategy for the Small to Mid Size Business
Archives
Short Sales
There is nothing short about a short sale ? but help may be on the way
Posted by: Marlyn Wiener
January 24, 2010
I often describe a short sale as having three moving pieces or parts. The first part is securing a signed agreement of sale with a financially qualified buyer who has the patience and commitment to stay in the deal during the long short sale approval process.
Documentary Stamp Tax due in Short Sale - More Information to Consider
Posted by: Marlyn Wiener
August 15, 2008
I discussed the question of what is the amount of documentary stamp tax that the seller is required to pay in connection with a short sale with underwriting counsel for a major Florida title insurer. I was advised that the Department of Revenue has indeed recently provided guidance to real estate attorneys and closing agents indicating that documentary stamps are to be paid on the amount of the sale price and on the amount of any forgiven debt.
Florida Documentary Stamp Tax on Short Sales: Unexpected New Issue
Posted by: Marlyn Wiener
August 13, 2008
The wave of short sales has raised an unexpected issue. In Florida, the seller of the property pays the documentary stamp tax at closing at the rate of $.70 per $100. In the brave new world of short sales the question has arisen; should Florida documentary stamp tax be paid on the amount of the purchase price being paid by the short sale buyer or on the amount of the mortgage or mortgages against the property at the time of the closing of the short sale?
