of inquiries about stamp duties since the February Budget was released.

Mr. James Hannam said many residents are unsure of which documents require stamp duties. "Technically, every legal document is liable for stamp duties,'' he said. "If a document is not stamped, it is not admissible in a court of law.'' That means any agreement, except hire purchase agreements, and includes rental agreements, conveyances of properties, either voluntary or by sale. Mr. Hannam said almost all agreements must be stamped within 30 days, adding that permission must be given for late stamping and a penalty fee of up to $500 may be involved.

Mr. Hannam said residents most often overlook stamping rental agreements with their tenants. If a dispute between tenant and landlord arises during the course of the agreement and ends up in the courts, there is nothing binding either party because a lease that is not stamped is not an official document.

Prior to the February Budget, leases for less than a period of one year required a $1 stamp, while leases for one to three years required a $5 stamp, and leases over three years a $10 stamp.

But in this year's Budget statement, stamp duties were significantly increased to $25 across the board. Original copies of leases, not matter what length the term is, require a $25 stamp while any duplicates require a $10 stamp, and must be endorsed by the Accountant General's office.

Mr. Hannam said his office provides advice on documents needing stamping, for example, a voluntary conveyance that needs a land valuation. The service runs a fee of $100.

Conveyances that are the result of a divorce also require stamp duties, and also cost $100.

Stamp duties are also required on voluntary property sales, and are valued by the true cost of the property no matter at what price property was sold.

Rates for conveyances are one percent of the cost for the first $100,000, two percent for the next $400,000, three percent for the next $500,000 and four percent for anything valued at over $1 million.