The herald., 1898-11-17
WAR REVENUE LAW AS APPLIED
TO REAL ESTATE DEALINGS
SOME PRACTICAL HINTS
A Valuable Guide to Accuracy In
Making Transfers and Mortgages.
Local Real Estate
OFFICE OF THE HERALD,


tions regarding the operation Of the new
revenue law as applied to real estate trans
actions. As there has been more or less
misunderstanding of the intent of the stat
ute, it is deemed of sufficient importance
to print the paper in general form. 1t
must be borne in mind that the paper is
written from Massachusetts standpoint,
but with few exceptions it is capable Of
universal application.
DEEDS
l. 1t is recommended that the actual
consideration be named.
2. The insertion of a covenant that the
consideration named is the actual consider.
alton is not advised.
3. A statement in the "in testimonium''
clause that the grantor has affixed and can
celed the stamps required by law is advised.
4. A stamp is required, as in lease, upon
separate instrument creating an easement
in land, e. g., a grant of right of way, or
q mutual or unilateral party wall agree
ment.
5. Where valuable consideration is
paid, stamp should be affixed according to
either the expressed consideration or the
actual value, whichever is the higher.
6. If it be desired TO conceal the true con-
sideration or value, it may be done by cx-
pressing the consideration as zone dollar
and other valuable considerations" and
then putting on and cancelng stamps in
excess of the requirements of law.
7. Wh0e no actual consideration, or
where nominal consideration is paid. e.,
where the transaction is not really q sale
no stamps are required.
s. Where conveyance is made through
q third person, i. e., where A conveys to b.
who Immediately conveys to c, the convey
ance from A to b should be stamped, and
that from B to G should not be stamped.
II the transaction, however, is gift and
not sale, neither conveyance should be
stamped. The true nature of the transaction
should be made clear by rectals of tue facts
in each deed.
Examples: Husband to A and \ to wife.
Mortgage executing power of sale to a and
A to MORTGAGE.
o. The acknowledgment of a deed does
not require stamp.
10. The covenant or other statements III
q deed are not certificates requiring stamps.
"Signed, sealed and delivered in presence
of" requires no stamp.
IL. The registers minute as to record re-
Quires no stamp.
IL. A conveyance to heirs by an executor,
administrator or trustee, where no actual
consideration is paid, requires no stamp.
l3. Sheriffs' deeds require stamps.
IA. "A conveyance by one tenant in COM
mon to another or to a stranger. so far as
it is a sale, requires stamps according to
the value of the interest conveyed. But if
the transaction is a partition and not sale,
stamps are not required. If, on a partition
one tenant in common receives more than
his share of land, the conveyance to him
should be stamped according to the excess
OF value of land received above his share.
Is. A conveyance by one joint tenant to
ponther or to stranger, if not gift, is in
effect sale, and requires stamps according
to the value of the interest conveyed.
l6. A deed of confirmation to correct n
former deed requires no stamps. 1t should
contain recital of the facts and the rea.
son for its execution.
MORTGAGES
II. Both note and mortgage should be
stamped. The note should be stamped like
an ordinary promissory note, and the mort
gage as a mortgage.
Is. The power of sale in a mortgage,
whether or not the mortgage is in terms
named as the attorney of the mortgagor
requires no separate stamp as power of at
torney.
10. The covenants, witness clause, ac-
acknowledgement and registers entry require
no stamps.
20. The mortgage and note must be
stamped each for ita full face value, ire
spective of the value Of the land, or of the
fact that when the mortgage is given only
part of the amount is actually advanced.
81. A mortgage for $1,000 or less requires
no stamp, but the accompanying note
should be stamped like other notes.
%. An assignment of u mortgage should
be stamped at the same rate as the original
mortgage, but only for the amoun. still due
on the mortgage. If partial payments have
been made it should be so stated.
%. An assignment of a partial interest
under MORTGAGE. g., when one of two
mortgages transfers his interest should
be stamped according to the then value of
the interest transferred. If partial pay
ments have been made it should be so
stated.
Example: An assignment of a mortgage
for $4,000, on which $4,000 has been paid,
should be stamped as if il were mortgage
for $4,000; and an assignment of half in
terest in the same should be stamped as if
it were a mortgage for $780,
"a. The transfer of a mortgage note ac.
companying the assignment Of mortgage
requires no stamp.
25. An extension of mortgage should
be stamped at the same rate as the original
mortgage, but for only the amount still due.
If partial payments have been made it
should be SO stated.
20. An extension of note ACCOMMODATING
the extension of mortgage is a renewal
OF the note, and should be stamped at the
same rate as the original note, but for only
the amount remaining due
27. A discharge Of mortgage requires no
stamp.
2S. A partial release of mortrape re.
quires no stamp.
CERTIFICATES
20. Certificates required by law" do NOT
include those certificates which the siontr
is at liberty to give or not as he plen.e,.
even though the law makes the existence
of the certificate necessary step prelimin.
AIRY to further proceedings (e. e., the state.
ment to be filed in beginning mechanics