The answer is a qualified "no". I assume you are referring to a change in mortgage "ownership" and not the actual ownership of the home. If the name of the lender on the title documents obtained from your county and the name of your new lender are precisely the same, then yes you would not be required to pay transfer tax unless the new loan amount were higher than the current loan amount recorded on the security deed. But in many cases if a lender sold your loan to Wells Fargo after the closing, the lender on title could be listed as XYZ mortgage and new loan listed as Wells Fargo which would require you to pay the intangible tax.
LPO Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
Hope this makes sense!
Before a deed, security instrument, or other writing can be recorded in the office of the clerk of the superior court, the real estate transfer tax must be paid. Once the tax has been paid the clerk of the superior court or their deputy will attach to the deed, instrument or other writing a certification that the tax has been paid.
The real estate transfer tax is based upon the property's sale price at the rate of $1 for the first $1,000 or fractional part of $1,000 and at the rate of 10 cents for each additional $100 or fractional part of $100. The tax must be paid by the person who executes the deed, instrument, or other writing or the person for whose use or benefit the deed, instrument, or other writing is executed. The real estate transfer tax is paid by the seller unless otherwise agreed by contract between the parties.
O.C.G.A. 48-6-1. - 48-6-10.
I think what you're referring to is the Georgia Intangibles Tax â€“ which is $3.00 per $1,000 of the loan amount.
This tax must be collected at closing on a refinance, but there are some exceptions to the rule.
If the loan is same original lender (not brokered or sold and in MERS) to same lender, same borrowers to same borrowers, than itâ€™s possible the tax can be waived - or reduced amount collected.
The best person who can answer this question for you is the closing attorney for the refinance.
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel (404) 610-1011
Fax (877) 302-9968
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
It is based on the loan amount.
Take the loan amount divided by $500
round that number up to the nearest dollar
Then multiply by 1.5 and that is your tax amount.
On the GFE it is often times shown in the same place as the transfer tax.