abarrera26, Home Buyer in Miami, FL

I see that "transfer value is only $100. Does that mean that I can own this property for that amount only or that they are other costs?

Asked by abarrera26, Miami, FL Sat Mar 17, 2012

? Also, what is the full address? I would like to see the house. Are there a lot of repairs to do?

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Nereida Figueroa’s answer
Transfer value is something that have a lot of legal responsabilities. Many like what is the mortgage balance, lien, every aspect that could cloud Title. Transfer value is only $100.00 that mean you have nothing. If this property situation is in Miami, let me tell something, market is going up and up.
0 votes Thank Flag Link Sun Mar 18, 2012
This type of recording is known as "nominal" recording. Sales prices are calculated backways by the Doc Stamps paid divisor which is .006 or $6/$1000 of value. Quit Claim Deeds can be for many reasons and those pay $0.60 to be recorded since the fee is $6/$1000 so your $100 transfer value, means absolutley nothing.
0 votes Thank Flag Link Sat Mar 17, 2012
When it sounds to good to be true, it often is. I am asked, now and then, if you can buy a house for $100 or $1000. My answer is, "If so i would own 100 of them". You can buy foreclosures and directly from John Doe but are their liens or other encumbrances that come along with the transfer? You better know before you buy it!!!
0 votes Thank Flag Link Sat Mar 17, 2012
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