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BLOCK ISLAND LAND TRUST

CERTIFICATE FORM B

Affidavit Claiming Basis For Exemption From Transfer Fee

I _________

_______________________________________do hereby certify under the pains and penalties of perjury that

the transfer of real property interest described in attached Form A: Affidavit Attesting to the True and Complete Purchase Price is lawful-

ly entitled to be exempt from the fee imposed by Section 7 of Chapter 268 of the Public Laws of Rhode Island of 1986 by reason of its being

one of the following (check one or more) ...

(a) Sales by the following grantors:

otherwise due as a result of the subsequent transfer. The buyer

(1) by the United States or by any of its agencies or instrumen-

shall certify and covenant as to the foregoing, and the trust shall

talities.

attach to the deed a certificate which shall recite the fact that

there is running with the land a lien equal to the amount of

the fee exempted plus accumulated interest and penalties

(2) by the State of Rhode Island or by any of its agencies or

instrumentalities. This includes Public Building Authorities,

until such time as all conditions of this section have been

met.

Recreational

Building

Authorities

and

Industrial

Building

Authorities.

(h) Transfer to a first-time buyer (as defined in Section "g")

(3) by any city or town of this state. Sales by any city or town

of affordable housing, pursuant to a program of affordable

housing authority are exempt. Redevelopment agencies are not

housing sponsored or endorsed by the town of New

exempt.

Shoreham; provided that the buyer makes the real property

interest which is the subject of the transfer the buyer's actual

(4) by any political subdivision of this state. Sales by any of the

residence and domicile within three (3) years of the time of

following quasi-municipal corporations; namely, fire, water,

transfer and provided further, that in the event of subsequent

sewer and school districts are exempt. The exemption applies to

transfer within five (5) years of the transfer exempted from the

the respective governments, their agencies or instrumentalities,

fee under this section, other than the transfer of a mortgage to

and the several authorities when they appear as grantors in the

an institutional lender, the fee exempted shall become due,

deed. Accordingly, sales of real estate to them are taxable

together with accumulated interest and penalties, and in addition

unless such sale is made by another exempt government, or by

to any fee otherwise due as a result of the subsequent transfer.

its agency, or instrumentality, or by an exempt authority.

The buyer shall certify and covenant as to the foregoing, and the

trust shall attach to the deed a certificate, which shall recite the

fact that there is running with the land a lien equal to the

(b) Transfers where no consideration is actually paid for the

amount of the fee exempted plus accumulated interest and

real estate conveyed. In such cases the deed must contain a

penalties until such time as all conditions of this section

statement that "consideration is such that no stamps are

have been met.

required."

IMPORTANT: In order to lawfully be entitled to the "g" and

"h" exemptions, the purchaser and his or her spouse shall

$100. The same kind of statement is required.

not have previously owned real property ANYWHERE,

including New Shoreham, other parts of Rhode Island, out-

(d) Mortgages themselves are exempt. The tax does not apply

side Rhode Island or outside the U.S.A.

to any instrument or writing given to secure a debt.

(i) Transfer made to a corporation or partnership at the time

(e) Leases are exempt.

of its formation, pursuant to which transfer no gain or loss is

recognized under the provisions of section three hundred and

(f) A transfer by will is exempt. Also exempt are transfers by

fifty-one of the Internal Revenue Code of 1986, as amended;

intestacy and transfers under adjudication of the probate court

provided, however, that such transfer shall be exempt only in

allocating real estate to a widow as part of her allowance.

the event that (1) with respect to a corporation, the transferor

retains a controlling interest in such corporation after such

formation or (2) with respect to a partnership, the transferor

(g) The first two hundred thousand dollars ($200,000) of the

retains after such formation rights to capital interests in excess

purchase price and fifty percent (50%) of the next four hun-

of fifty percent of the capital interests within such partnership or

dred thousand dollars ($400,000) of the purchase price of

retains rights to profit interests within such partnership in excess

the transfer made to a buyer who, and whose spouse at the

of fifty percent of the total profit interests within such

time of the transfer, has at no time prior to said transfer

partnership. (Submit Form C.)

owned or possessed any real property interest either within

or without the town of New Shoreham; provided that the

j) Transfer made to a stockholder of a corporation in liquida-

buyer makes the real property interest which is the subject of the

tion of the corporation, or a transfer made to a partner of a

transfer the buyer's actual residence and domicile within three

partnership in dissolution of the partnership; provided, however,

(3) years of the time of transfer, and provided further that in the

that such transfer shall be exempt only in the event that (1) with

event of subsequent transfer within five (5) years of the date the

respect to a corporation, the transferee had prior to the transfer a

buyer made the real property his actual residence and domicile

controlling interest in such corporation or (2) with respect to a

as evidenced by the filing by the buyer with the Land Trust of a

partnership, the transferee had prior to the transfer rights to

Certificate of Use and Occupancy for the residence on the real

capital interests in excess of fifty percent of total capital interests

property and an Affidavit that it is his actual residence and

within such partnership or had rights to profit interests within

domicile, other than the transfer of a mortgage to an institutional

such partnership in excess of fifty percent of the total profit

lender, the fee exempted shall become due, together with

interests within such partnership. (Submit Form C.)

accumulated interest and penalties, and in addition to any fee

Signature of Purchaser or Legal Representative

Date

Certificate Form B - New Shoreham

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