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Capital Gains Tax On Investment Property
The Property Recording System
by William Bronchick
Virtually every county in the United States has a place where records of title are publicly recorded. The recording system gives constructive notice to the world of the transfer of title to property. Recording simply involves bringing the original deed to the local county courthouse or clerk and recorder's office.
The original deed is copied onto computer or microfiche, recorded in ledger books (or computers), then returned to the new owner. There is a filing fee for the deed, which runs about $8 per page. In addition, the county, city and/or state may assess a transfer tax based on the value of the property or the selling price.
PRACTICAL TIP: If you are trying to find out how much someone paid for...
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