Fall 2004-02 Cost of internal revenue stamps to purchase or mortgage real estate increased
Cost of internal revenue stamps to purchase or mortgage real estate increased
Act No. 244 of September 2, 2004, increased the cost of the internal revenue stamps that must be cancelled in connection with each original and each certified copy of deeds for the purchase of real estate, mortgages and the cancellation of mortgages, if the amount involved is $25,000 or more.
Legal Aid Society
The new rates were added to benefit the Puerto Rico Legal Aid Society. They are to be computed as follows:
- for the original deed: $5.00 for each $50,000 or fraction thereof;
- for each certified copy: $2.50 for each $50,000 or fraction thereof.
In the case of a deed encompassing the joint purchase and mortgage of the same property, the value of the stamps is to be computed only on the purchase price, disregarding the mortgage.
If a mortgage covers not only principal, but also an additional sum to secure additional advances, the value is to be computed based on the sum of both items.
The law became effective on October 2, 2004.
© 2004 Goldman Antonetti