Form 488 (Rtc) - Realty Transfer Certificate printable pdf download

Form 488 (RTC) Revised 02/09

REALTY TRANSFER CERTIFICATE

CONFIDENTIAL TAX DOCUMENT

WHO MUST FILE: Any party transferring real property regardless of whether the transfer is or is not evidenced by deed or instrument or

any party presenting an instrument or deed evidencing a transfer of real estate for recordation. Real estate includes land, growing timber,

buildings, structures, ﬁ xtures, fences, and improvements afﬁ xed to land.

YOU MAY OWE INCOME TAXES: Any gain on this transfer is Montana source income and should be reported to the Department of

Revenue on the appropriate income tax return.

WHEN AND WHERE TO FILE:

The completed Realty Transfer Certiﬁ cate must be ﬁ led with the County Clerk & Recorder when the instrument or deed evidencing a

transfer of real estate is presented for recording.

If the transfer is by operation of law, then a Realty Transfer Certiﬁ cate with the required supporting documentation should be ﬁ led with the

local Department of Revenue Ofﬁ ce where the property is located. Please see Part 4 for further detailed information.

The Department of Revenue will change the ownership record when this form is fully and accurately completed and signed.

PART 1 – DATE OF TRANSFER (SALE)

This should be the date on which the instrument or deed was executed (the date the instrument or deed was signed by the Seller

(Grantor) and Buyer (Grantee) unless otherwise speciﬁ ed in the deed or date of decedent’s death). Contracts for Deed and Notices of

Purchaser’s Interest should use the date the contract or notice was initially signed, not the date the contract was ﬁ nalized.

PART 2 – PARTIES

Seller (Grantor)/ Buyer (Grantee): Enter the names of the seller (grantor) and buyer (grantee) exactly as they appear on the transferring

document. Business organizations, corporations, trusts, etc. should enter their name(s) exactly as it appears on the transferring document.

Addresses: For the seller (grantor) enter the current mailing address. The seller (grantor) and the buyer (grantee) are requested to

mark Yes or No to indicate if the property subject to this transfer has been or will be the location of their principal residence. A principal

residence is a residential dwelling that was occupied, in the case of the seller (grantor), or will be occupied, in the case of the buyer

(grantee), by the owner for at least 7 months (198 days) of the calendar year. For the buyer (grantee) enter the permanent mailing

address. If the tax notice is to be sent to a different mailing address, please complete the additional mailing information.

SSN or FEIN: For individuals, list the last 4 digits of the social security number of all legal owners named in the transferring document.

Business organizations, corporations, trusts, etc. list the last 4 digits of the federal ID number(s) of the legal entity(ies) named in the

transferring document, § 15-1-201, MCA and 42 USC § 405(c)(2)(C)(i)(iv). The Department of Revenue utilizes personal identiﬁ cation

numbers to cross match Realty Transfer Certiﬁ cates with income tax returns to ascertain taxpayer compliance on gains from real estate

sales or transfers and to identify delinquent taxpayers. Additional SSN or FEIN numbers (last 4 digits) may be provided on an attachment.

Daytime Phone: Enter phone numbers for both the seller (grantor) and buyer (grantee).

PART 3 – PROPERTY DESCRIPTION

This section identiﬁ es the parcel that is being transferred by location and is the legal description found on the instrument or deed

conveying the real estate or the abstract to the real estate.

The property description may be provided on an attachment, and be identiﬁ ed by checking the applicable box.

PART 4 – TYPE OF TRANSFER (Please refer to “When and Where to File” above.)

Transfer by Recorded Instrument: Check the box(es) that apply to the type of transfer for which an instrument has been recorded with

the County Clerk and Recorder.

Transfer by Operation of Law: Check the box(es) that apply to the type of transfer. A copy of the following applicable documentation

must be attached to the Realty Transfer Certiﬁ cate.

• Termination of Joint Tenancy by Death – death certiﬁ cate and deed that created the joint tenancy with right of survivorship.

• Court Decree -

• Personal Representative, Special Administrator or Public Administrator – death certiﬁ cate, order of appointment and letters of

administration and an afﬁ davit that their appointment has not been terminated.

• Conservator – Order of Appointment and Letter of Conservatorship or copy of the order terminating the conservatorship.

• Merger, consolidation or other business reorganization – Plan of Reorganization.

• Name change only – documents ﬁ led with the Secretary of State to accomplish the name change.

PART 5 – EXCEPTION FROM PROVIDING SALES PRICE INFORMATION

If any of the exceptions listed apply to this transfer, please check the appropriate line and do not complete Section 6. If you are unsure

whether this transaction should be deﬁ ned as an exception, or if you have any other questions concerning exception status, please

request a determination from your local Department of Revenue Ofﬁ ce.

PART 6 – SALE INFORMATION (If there is no exception checked in Part 5, you must complete this section.)

CONFIDENTIALITY: Sale information is conﬁ dential and only for ofﬁ cial use by the Department of Revenue.

Enter the total purchase price paid for the sale parcel. This should include cash, mortgages, property traded, liabilities assumed, leases,

easements and personal property.

Financing: If you paid cash for the entire sale parcel, check the box in front of Cash. If you ﬁ nanced the property by receiving a loan

indicate the type by checking the appropriate box; Federal Housing Administration (FHA) Loan, Veterans Administration (VA) Loan or

Conventional. If this was a contract for deed or trust indenture, indicate by checking the box in front of Contract. If there was some other

type of ﬁ nancing used such as a Montana Board of Housing Loan, trade of property, etc. please indicate by checking the box in front of

Other. Also, indicate whether this was a new loan or an assumption of an existing loan.

Personal Property: Enter the dollar amount of any personal property included with the sale of this parcel. Personal property includes

furniture and ﬁ xtures, business and farm equipment, livestock, recreational vehicles, leases and easements, and mobile homes. Anything

that is permanently attached to the real estate should not be included. Negligible personal property included in a residential sale need not

be reported.

SID (Special Improvement District – liens levied against the property for amenities like street paving, sewers, water systems,

etc.): Please answer the questions by checking the appropriate boxes, also include the amount of the SID paid or assumed.

Value of Inventory: Please provide the value of any business inventory that was included in the sales price.

Value of Licenses: Please provide the value of any licenses included in the sales price i.e., liquor licenses, gambling licenses, etc.

Value of Good Will: Please provide the value of Good Will included in the sale price. (Good Will is deﬁ ned as “the economic advantage

over competitors that a business has acquired by virtue of habitual patronage of customers”.)

PART 7 – WATER RIGHTS DISCLOSURE – This disclosure must be completed and signed by the seller or the seller’s legally appointed

agent. Refer to page 2 for further information about the disclosure. If Box D has been checked, the Certiﬁ cation of Water Right Ownership

Update (page 5) must also be signed by the seller (grantor), the buyer (grantee), and the escrow agent (if applicable) to enable

recordation of the deed or instrument by the County Clerk and Recorder.

PART 8 – PREPARER INFORMATION - All Realty Transfer Certiﬁ cates must be signed and dated by the preparer. By his/her signature

the preparer indicates the information provided is true and correct to the best of his/her knowledge, that the seller (grantor) and the buyer

(grantee) have examined the completed Realty Transfer Certiﬁ cate and agree the information contained within is correct and accurate.

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Form 488 (Rtc) - Realty Transfer Certificate

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