Posted by TaraPA on 3/2/05 9:08pm Msg #23350
urgent question about a HELOC document
I have a "REALTY TRANSFER TAX STATEMENT OF VALUE" document in the package for my signing tomorrow. Does the borrower have to complete the entire form? Do I have to notorize it? This is my 1st HELOC, and I never saw this doc before.
|
Reply by TaraPA on 3/2/05 9:11pm Msg #23352
Along with the question above, "Philadelphia Real Estate Transfer Tax Certification" is another Doc I never seen before and does the borrower have to complete and sign it.....it's alot of information requested by the borrower. Usually docs like this just need to be signed or they are prefilled. Any help would be greatly appreciated!
|
Reply by Hampton/CA on 3/2/05 9:54pm Msg #23362
As always, call the lender/Title Co for instructions. If you can't do that, you'll just have to wing it based on your best guess on what the lender wants. If the document has to be notarized, there will either be notarial wording or a request for notarization. If it's not there, you don't notarize.
If the doc is to be notarized, then it must be complete (in CA), even if the borrower has to draw a line through open spaces that they don't know the information.
If it does not have to be notarized, I tend to have the borrower sign and send it back for Title to fill in. If the borrower doesn't know the information, you don't want to tell them what to enter if you don't really know either.
|
Reply by TaraPA on 3/2/05 10:32pm Msg #23371
My sisnging is 1st thing in the am....and I received the docs after the office was closed. I'll just have the borrower sign it and let them fill it in....however, there isn't a space for my notary, so I won't sign it. Thanks.
|
Reply by Mary Pierce on 3/3/05 6:02am Msg #23396
Tara - does it ask you questions like the appraised value, commom level ratio, etc. and then have a bunch of boxes to check off at the bottom?
|
Reply by Mary Pierce on 3/3/05 6:01am Msg #23395
I've only used that type of form in a purchase....when the sale is considered exempt from transfer taxes....if you are doing a refi I have no idea why they would include that form in your packet. I'd talk to the lender.
|
Reply by Anonymous on 3/3/05 7:22am Msg #23400
Who signs this as the responsible party?
|
Reply by sue on 3/3/05 7:51am Msg #23407
For the transfer tax affidavit the title company should be signing it. It is used as Mary stated for exempt deed transfers. You should have a deed in the package if you've got this. The 'questionable' company from NV used to prepare a lot of deeds always includes this and wants the borrower to sign it. It doesn't get notarized, no matter who signs it.
As for the Philadelphia form, I'm not sure - can't remember what one looks like but sometimes they're in packages even when the property isn't down there.
|