CS/HB 55

1
A bill to be entitled
2An act relating to the excise tax on documents; amending
3s. 201.02, F.S.; imposing the tax on the consideration for
4short sale transfers of real property; excluding certain
5unpaid indebtedness from such consideration; defining the
6term "short sale"; providing an effective date.
7
8Be It Enacted by the Legislature of the State of Florida:
9
10     Section 1.  Subsection (11) is added to section 201.02,
11Florida Statutes, to read:
12     201.02  Tax on deeds and other instruments relating to real
13property or interests in real property.--
14     (11)  The tax imposed by this section applies to any deed,
15instrument, or writing that transfers any interest in real
16property pursuant to a short sale. The taxable consideration for
17a short sale transfer does not include unpaid indebtedness that
18is forgiven or released by a mortgagee holding a mortgage on the
19grantor's interest in the property. For purposes of this
20subsection, the term "short sale" means a purchase and sale of
21real property in which all of the following apply:
22     (a)  The grantor's interest is encumbered by a mortgage or
23mortgages securing indebtedness in an aggregate amount greater
24than the purchase price paid by the grantee.
25     (b)  A mortgagee releases the real property from its
26mortgage in exchange for a partial payment of less than the
27total of the outstanding mortgage indebtedness owed to the
28releasing mortgagee.
29     (c)  The releasing mortgagee and any person related to the
30releasing mortgagee do not receive any interest in the property
31transferred.
32     (d)  The releasing mortgagee is not controlled by or
33related to the grantor or the grantee and the grantor and the
34grantee are not controlled by or related to each other.
35     Section 2.  This act shall take effect July 1, 2009.


CODING: Words stricken are deletions; words underlined are additions.