Doc Stamps on Short Sales

Great  News that I wanted to share………..Have a great day

 

Department of Revenue final official letter ruling doc stamps on short sales are not due on loan amount forgiven by existing lender over the amount paid off from the sales proceeds where the amount of the excess debt is forgiven or released.

 

Note that doc stamps would be due up to the full amount of the debt less the amount paid from the sale proceeds if the lender takes back a note for the amount not paid in the sale or does not provide a release of the obligation in full.