§ 21-36. Exemption—Transfers in connection with foreclosure.

(a)

No Documentary Transfer Tax shall be due on any document transferring an interest in real property from a mortgagor to a mortgage, or from a trustor to a beneficiary under a deed of trust, where the underlying mortgage or deed of trust encumbers the property being transferred, and where the interest is being transferred as a result of, or in lieu of, foreclosure.

(b)

The exemption provided in subsection (a) of this section applies only to the extent that consideration for such transfer does not exceed the unpaid indebtedness (including accrued interest and costs of foreclosure), and Documentary Transfer Tax shall be due to the extent that the consideration exceeds the indebtedness.

(c)

In order to qualify for this exemption, a document described in subsection (a) of this section shall state, on its face, the amount of consideration paid, the amount of the unpaid indebtedness, and shall identify the grantee as the mortgagee or beneficiary under the deed of trust. In the alternative, this information may be set forth in a separate affidavit or declaration signed under penalty or perjury.

(Ord. No. 3982, § 2 (part), 3-25-08)