Have you just started testing your new LodeStar calculator? Are you confused as to why the transfer taxes and recording fees are looking different than what you are used too? Your LodeStar's calculator is set to our standard defaults to start, but don't worry, we can fix that! Lets start with the LodeStar basics.
By default, LodeStar does not itemize out any recording fees or transfer taxes into separate lines within the 2015. See below LodeStar's standard default settings:
- Recording Fees: Deed, Mortgage, Release and all other recording fees export to Line 1202
- City and County Transfer Taxes: All city and county transfer taxes export to Line 1204 and into the respective payee (borrower or seller) field. We also set seller side taxes as "Seller Obligated", which is identified within the "Fee Details" screen:
- State Transfer Taxes: All state transfer taxes export to Line 1205 and into the respective payee (borrower or seller) field. We also set seller side taxes as "Seller Obligated", which is identified within the "Fee Details" screen:
Now that we know the LodeStar standard defaults, we can get to the fun part - customizing! When requested, LodeStar can itemize out any transfer taxes and recording fees or have them exported to different lines.
- For example, we can itemize out the Intangible Tax within Florida to Line 1203 (which we recommend!):
- We can also itemize out recording fees to different lines. See below an example of the Georgia Residential Mortgage Act Fee itemized out to line 1207:
- Instead of quoting the breakdown of the recording fees, we are able to update that field to the County payee. This can also be done for transfer taxes:
- We can also export the "Stamp" vs. "Tax" labels that were part of the Encompass 23.1 Major Release on March 18th, 2023.