Ga. Comp. R. & Regs. R. 560-11-8-.05 - Refinancing
(1) Intangible
recording tax is not required to be paid on that part of the face amount of a
new instrument securing a long-term note secured by real estate which
represents a refinancing by the original lender and original borrower of unpaid
principal of an existing instrument securing a long-term note secured by real
estate still owned by the original lender, if the intangible recording tax was
paid on the original instrument or the original holder of the instrument was
exempt.
(a) The new instrument must contain a
statement of what part of the face amount represents a refinancing of unpaid
principal. This information must be disclosed on the face of the instrument or
in the alternative may be submitted in the form of an affidavit indicating
which part of the face amount represents a refinancing of unpaid
principal.
(2) Where two
or more instruments securing long-term notes, secured by separate deeds to
secure debt and held by the original borrower and the original lender, are
consolidated, with no new money advanced, into a single instrument securing a
long-term note with a single deed to secure debt, intangible recording tax is
due, up to the statutory maximum, on that portion of the indebtedness secured
by the new instrument, if any, that does not represent unpaid principal on the
consolidated notes.
(3) Where
instruments securing long-term and short-term notes, secured by separate deeds
to secure debt and held by the original borrower and the original lender, are
consolidated, with no new money advanced, into a single instrument securing a
long-term note with a single deed to secure debt, intangible recording tax is
due, up to the statutory maximum, on that portion of the indebtedness secured
by the new instrument, if any, that does not represent unpaid principal on the
long-term note or notes.
Notes
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