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Questions and Answers
According to the content, which schedule indicates the proper duty amount for instruments?
According to the content, which schedule indicates the proper duty amount for instruments?
- Schedule II
- Schedule I (correct)
- Schedule III
- Schedule IV
If an instrument is executed outside the State but relates to property within the State, when is it chargeable with duty?
If an instrument is executed outside the State but relates to property within the State, when is it chargeable with duty?
- Only if all parties agree to the duty
- Only if it is related to property valued over $10,000
- If it is received in that State (correct)
- If it is notarized within the state
What information must be set forth in an instrument regarding duty charges?
What information must be set forth in an instrument regarding duty charges?
- Personal income of all transacting parties
- The consideration, market value, and all relevant facts (correct)
- Names and addresses of all witnesses
- The serial number of the instrument
In the absence of an agreement to the contrary, who bears the expense of providing the proper stamp for a conveyance?
In the absence of an agreement to the contrary, who bears the expense of providing the proper stamp for a conveyance?
Who typically bears the expense of providing the proper stamp for a lease?
Who typically bears the expense of providing the proper stamp for a lease?
For an instrument of partition, how is the expense of providing the proper stamp divided?
For an instrument of partition, how is the expense of providing the proper stamp divided?
In cases not specifically mentioned, who bears the expense of providing the proper stamp?
In cases not specifically mentioned, who bears the expense of providing the proper stamp?
If an instrument is executed in the State on or after the commencement date of 'this Act', is it chargeable with duty?
If an instrument is executed in the State on or after the commencement date of 'this Act', is it chargeable with duty?
Which of the following documents is subject to duty according to the schedule?
Which of the following documents is subject to duty according to the schedule?
What determines if an instrument executed outside of the state is charged duty?
What determines if an instrument executed outside of the state is charged duty?
Who is responsible for paying the stamp duty on a re-conveyance of mortgaged property, absent a contrary agreement?
Who is responsible for paying the stamp duty on a re-conveyance of mortgaged property, absent a contrary agreement?
According to the provisions, what should be fully described in instruments to determine duty charges?
According to the provisions, what should be fully described in instruments to determine duty charges?
If two parties are partioning property, how should stamp duty be paid?
If two parties are partioning property, how should stamp duty be paid?
Where should one find the correct duty for an instrument?
Where should one find the correct duty for an instrument?
Which of the following describes Schedule I?
Which of the following describes Schedule I?
Flashcards
Instruments Chargeable with Duty
Instruments Chargeable with Duty
Instruments listed in Schedule I are subject to duty as indicated, if executed in the State or, if executed outside the State, relate to property or matters within the State and are received in the State.
Facts Affecting Duty
Facts Affecting Duty
The instrument must fully and truthfully state the consideration, market value, and all circumstances affecting its chargeability or duty amount.
Duties: By Whom Payable
Duties: By Whom Payable
Unless agreed otherwise, the expense of providing the proper stamp shall be borne by the grantee in the case of conveyance, the lessee in the case of lease and, parties in proportion to their respective share in the whole property partitioned for partition instruments.
Study Notes
- Instruments listed in Schedule I are subject to duty charges as indicated.
- This applies to instruments executed in the State on or after the Act's commencement date, provided they haven't been previously executed.
- Instruments executed outside the State are also subject to duty if they relate to property, matters, or actions within the State and are received in the State.
Facts Affecting Duty
- The instrument must fully and truthfully state the consideration, market value, and all relevant facts affecting its chargeability or duty amount.
Payable Duties
- Unless otherwise agreed, the cost of providing the proper stamp is borne as follows:
- For conveyances (including reconveyances of mortgaged property), the grantee bears the expense.
- For leases or agreements to lease, the lessee or intended lessee is responsible.
- For instruments of partition, the parties bear the expense in proportion to their share of the partitioned property.
- In all other cases, the person executing the instrument bears the expense.
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