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We have a situation where the borrower is paying her soon to be ex husband a $20,000 buy out of their home. We contacted our attorney because the borrower is going to be paying all fees and we needed to know how to charge the Transfer Tax. He said that he was going to do the deed for the buy out price so in our Zero Tolerance we disclosed $20.00. Once the title work was done and we received the deed, he has changed that and it is now a trustee deed for the Fair Market Value, which would change the transfer tax to $64.00. We sent out a revised LE with the change upon finding this information out. Should this have been done differently with this being in the Zero Tolerance category?
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