How to Handle Transfer Taxes on the New HUD-1

April 8, 2010

Since transfer taxes are a zero tolerance item, and more often than not are a sizeable amount, the failure to disclose transfer taxes in the GFE as a borrower pay item, can have significant financial consequences to the lender if the “improper” disclosure and handling of these taxes triggers a tolerance violation. Read on to learn how these fees should be handled.

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SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. ALTA ONE Sidebar Ad - Green and Blue