Fillable Form Git/rep-2 - Nonresident Seller'S Tax Prepayment Receipt (Page 2 of 2) in pdf

Prepayment Receipt Instructions

This form is only to be completed by nonresident individuals, estates or trusts selling or transferring property

in New Jersey.

Name(s):

Name of seller(s). If more than one owner separate forms must be used except

for husband & wife/civil union couples that file jointly

Address:

Seller(s) primary residence or place of business. Do not use the address of the

property being sold if a new residence has been established.

Property Information:

Information as listed on deed of property being sold.

Percentage of Ownership:

If there is more than one owner list seller's % of ownership.

Consideration:

"Consideration" means in the case of any deed, the actual amount of money

and the monetary value of any other thing of value constituting the entire

compensation paid or to be paid for the transfer of title to the lands, tenements

or other realty, including the remaining amount of any prior mortgage to which

the transfer is subject or which is assumed and agreed to be paid by the

grantee and any other lien or encumbrance not paid, satisfied or removed in

connection with the transfer of title. If there is more than one owner, indicate

seller's portion of total consideration received. If the total consideration for the

property is $1,000 or less complete the Seller’s Residency

Certification/Exemption form GIT/REP-3 and check box 6 under Seller’s

Assurances.

Signature:

Seller(s) must sign and date the declaration. If the seller's representative is

signing the declaration either (1) a Power of Attorney executed by the seller(s)

to the representative must be previously recorded or recorded simultaneously

with the deed to which this form is attached, or (2) a letter signed by the

seller(s) granting authority to the representative to sign this form must be

attached.

Payment in the form of check or money order should be made payable to the State of New Jersey - Division

of Taxation. Cash is not acceptable. Tax payment is determined by multiplying the gain on the sale of the

property by the highest Gross Income Tax rate of 8.97%. Gain is to be determined without taking into

consideration any distributions during the taxable year to beneficiaries by estates or trusts. In no case can

the payment be less than 2% of the consideration received.

All information requested on this form must be completed. Failure to complete the form in its entirety will

result in the deed not being recorded.

This form, associated payment and form NJ-1040-ES must be completed prior to time of closing and

submitted to the Division of Taxation in person at one of the Division's offices. A receipted original will be

given to seller at that time.

The seller must give the receipted original to the buyer or the buyer's attorney at closing. The seller should

keep a copy for his or her own records.

The buyer or buyer's attorney must submit the original Prepayment Receipt to the county clerk at the time

of recording the deed. Failure to submit this form or a Nonresident Seller's Tax Declaration (GIT/REP-1) or

a Seller's Residency Certification (GIT/REP-3) will result in the deed not being recorded.

The county clerk will attach this form to the deed when recording the deed.

Form Git/rep-2 - Nonresident Seller'S Tax Prepayment Receipt Page 2

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