Title Forum

Doc Stamps on Assignment of Bid

  • 09/26/2011 11:43 AM
    Message # 708731
    Anonymous

    Relative Bulletin 11, what were the circumstances of the entities involved in the assignment of bid?  I'm assuming this does not include servicers with an agreement to act on behalf of their lender principal.

  • 11/14/2011 9:45 PM
    Reply # 750134 on 708731
    Anonymous
    Reesa, 

    I would not assume that.   The provision of the rule makes no distinction between servicers or anyone else, so it is important that the mortgage be assigned into the "right name" before starting the foreclosure.  

    Here is the language of the doc stamp rule:

    "(25) Assignment of Successful Bid – An interest in realty transferred or conveyed by assignment of successful bid at a foreclosure 
    sale is taxable under Section 201.02, F.S" 

    There are also other benefits that these servicers may be losing for their investors by not doing assignments first.  For example under Fla. Stat. s. 718.116, the 1% cap on condo assessments may be lost if a bid is assigned. 


 
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