How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Pro Your Own Question
Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24869
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
Type Your Business Law Question Here...
Law Pro is online now
A new question is answered every 9 seconds

i brought a property in the name of a corp.I own 100% the mortgage

Customer Question

i brought a property in the name of a corp.I own 100% the mortgage note was in my name I have since modified the note ,but had to transfere the title in my name personally . there was a loan ouystanding at the time i quit claim the deed to me personally. i am i liable to pay Doc.Stamps on the outstanding laon balance ?
Submitted: 3 years ago.
Category: Business Law
Expert:  Law Pro replied 3 years ago.
My goal is to provide you with excellent service.

What state is this going on in?
Customer: replied 3 years ago.


Expert:  Law Pro replied 3 years ago.
I have to agree with the State - you're liable to pay for the documentary tax stamp.

That although you are 100% owner of the corporation- that does not exempt the tax stamp fee.

Documentary stamp tax is levied at the rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property, such as warranty deeds and quit claim deeds.

Your transfer of ownership from the corporation to yourself is a taxable transfer.

Florida law limits the maximum tax due on notes and other written obligations to $2,450. However, there is no limit on the documentary stamp tax due for mortgages or liens filed or recorded in Florida. Tax is paid to the Clerk of Court if the document is recorded, or sent directly to the Department of Revenue if the document is not recorded.


Documentary stamp tax is payable by any of the parties to a taxable transaction. If one party is exempt, the tax must be paid by the nonexempt party. United States government agencies; Florida government agencies; and Florida's counties, municipalities, and political subdivisions are exempt from documentary stamp tax.

I know this isn’t going to be the answer you want to hear, and it’s certainly not what I want to tell you.

However, I wish to be completely honest with you, so I feel obligated to not give you false hope

If you have any further questions, please feel free to let me know…

Please press the Accept Button(and the Smiley Face if prompted :) if I have helped you today so I am credited for my time assisting you. Pressing Accept does not cost you anymore, and only by you pressing accept am I compensated. Please don’t leave negative feedback, If something isn’t working let me know and I will continue working with you to resolve it! Positive Feedback and Bonuses are not expected, but are always appreciated!

Related Business Law Questions