Difference between revisions of "Security Instruments in Pennsylvania"
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* Recording | * Recording | ||
* Taxes - | * Taxes - | ||
| − | *No Mortgage Tax | + | **No Mortgage Tax |
| − | *The State Transfer Tax is always 1% of the sales price. In addition, there is a Local Transfer Tax which varies from 1% to 4% of the sales price based upon the location. | + | **The State Transfer Tax is always 1% of the sales price. In addition, there is a Local Transfer Tax which varies from 1% to 4% of the sales price based upon the location. |
==Types== | ==Types== | ||
Revision as of 09:50, 8 January 2020
Contents
Overview
Sources
Compliance
Forms
Search
Examination
Underwriting
Recording
Pricing
- Preparation
- Recording
- Taxes -
- No Mortgage Tax
- The State Transfer Tax is always 1% of the sales price. In addition, there is a Local Transfer Tax which varies from 1% to 4% of the sales price based upon the location.
Types
Content
Duration
Execution Requirements
Satisfaction
Security Instruments in Pennsylvania are satisfied by recording a document which typically titled as a Satisfaction or Satisfaction Piece. In prior decades, security instruments were satisfied by a stamp and signature from a representative of the lender coming into the land records office and physically stamping and signing that a security instrument was paid in full in the margin of the first page of the recorded mortgage. Many lenders will accidentally recorded a Release of Mortgage instead of a Satisfaction when a mortgage has been paid in full.
Trustees
Pennsylvania only uses mortgage and not deeds of trust, so no trustee is required on any security instruments.
