Contents - Index

Transfer Charges and Taxes on Deeds and Mortgages

Before proceeding, navigate to a line from 1202 to 1205, place your cursor on the borrower's or seller's amount column, then click the Calculate menu.

Enter Tax Rates

In the transfer charge calculation screen, click the Edit Cost Info button. For each column (deeds, mortgages and releases) enter the rate per unit, the unit amount and minium amount, if any. 
To save the costs you entered as the default for future files, click the Save Cost Info button. 

For example:
If documentary stamps are charged at 70 cents per each hundred dollars, enter .70 as the rate per unit and 100.00 as the unit amount.
If intangible tax is charged at 2 mils on the dollar, enter .002 as the rate per unit and 1.00 as the unit amount.

Changing the Basis for calculated Taxes and stamps on a mortgage: Taxes/Stamps on mortgages will generally be calculated on the deed using the sales prices, and on the new mortgage amount on line 202 on the loan amount. If a different amount should be used as the basis for calculating the mortgage stamps/tax, place your cursor on the line 202 amount column, then click Calculate and enter the basis.

If taxes or stamps are to be paid on another mortgage: Enter an additional mortgage amount on lines 204-209. Then, with your cursor in the box containing the mortgage amount, click Calculate and then click the button that says this is a mortgage subject to stamps/taxes. If stamps/taxes are to be computed on a basis other than the amount indicated on the face of the settlement statement for a particular line, an alternate basis amount can be entered for that line via the Calculate menu when your cursor is in the amount box for that line.

Using Program Setup to Enter Default Rates
You can also set default rates for transfer and mortgage taxes on lines 1202-1205 via the Tools|Setup Stamps/Taxes Lines 1202-1205 menu. See Setup Stamps/Taxes Lines 1202-1205