philadelphia real estate transfer tax cert

Get the philadelphia real estate transfer tax cert 2011-2020 form

A statewide list of the factors is available at the Recorder of Deeds office in each county. THIS STATEMENT MUST BE SIGNED BY A RESPONSIBLE PERSON CONNECTED WITH THE TRANSACTION. 82-127 Reverse Rev. 9/11. SIGNATURE OF CORRESPONDENT OR RESPONSIBLE PARTY 82-127 Rev. 9/11 DATE SEE REVERSE INSTRUCTIONS FOR COMPLETING PHILADELPHIA REAL ESTATE TRANSFER TAX CERTIFICATION Section A Correspondent Enter the name address and telephone number of party completing this form. Transfer Data Enter the date on...
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Who needs a Real Estate Transfer Tax Certification?

This certification form is used during the procedure of selling real estate when the owner transfers ownership or title to the buyer. The form should be filed with the Recorder of Deeds if the consideration value is not set forth in the deed; if the deed is with consideration; if the tax exemption is claimed.

What is the purpose of the Real Estate Transfer Tax Certification?

This document certifies the transfer of property rights to a certain individual. The form contains the information about the property location, transfer and exemption data.

What documents must accompany the Real Estate Transfer Tax Certification?

As a rule, the Certification is accompanied by the copy of Property deed transfer form, copy of the Sales and Purchase agreement, and some other supporting documents if required.  

When is the Real Estate Transfer Tax Certification due?

The certification is completed and filed when there is a need. Usually, it is required when the tax exemption is claimed. The estimated time for completing the Certification is 10 minutes.

What information should be provided in the Real Estate Transfer Tax Certification?

The document has the following sections for completing:

  • Information about the correspondent (the person who will receive all the inquiries): name, phone number, address.

  • Transfer data: date of acceptance of document, name and address of the grantor and the grantee

  • Property location

  • Valuation data: actual cash consideration, other consideration, total consideration, county assessed value, common level ratio factor, fair market value

  • Exemption data: amount of exemption, percentage of interest conveyed

  • Information about the exemption claimed (the filler has to check the appropriate box)

The Certification must be as well signed and dated.

What do I do with the form after its completion?

The completed and signed Certification is filed with the Recorder of Deeds.

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where I answer your questions talk about what's happening in the real estate industry and give you the latest money in real estate news now you can find the latest episodes here on my youtube channel expert real estate tips every Monday and Friday please don't forget to hit the subscribe button it's right up here or maybe it's over here I don't know where it is on your channel on today's episode I'm going to answer a question I received about when it may be worth adding your children's name to your house title and how that might affect the taxes that they pay so a homeowner and mom of one recently wrote in to ask me the following question I currently own a home that's paid in full with no mortgage I want to add my daughter's name to the house deed what are the pros and cons of this decision in terms of the taxes I'll pay or she will pay now the short answer to the question is that adding your daughter's name or any child's name to your house title could have really serious repercussions when it comes time to sell the home for federal income tax purposes if you simply add your daughter's name to the title she receives the house as a gift at your cost basis the cost basis is a technical term IRS jargon on what it costs you to buy the property plus any material in material improvements you've made to the house along the way like we're placing the roof or replacing a bathroom but not redecorating the living room if you were selling the cost basis would also include the cost of sale as well so if you paid 100000 for the property say 20 years ago and now the property is worth a half a million dollars wouldn't that be great and you give your daughter half of the house her cost basis would still be fifty thousand dollars or half of a hundred thousand which sounds like a great deal and like all things financial there are a few caveats so when the property is eventually sold right your daughter would be entitled to take the first two hundred and fifty thousand in profits tax-free if she single up to a half-million dollars if she's married and she lives in the property along with her spouse partner as her primary residence however if she isn't living in the property when it's sold she might have very significant capital gains taxes to pay now if she inherits the other half from you right she would inherit the property at the current market value so if you gave her half right that was the 50000 of the hundred thousand and she inherits the other half of two hundred and fifty thousand that's three hundred thousand as her cost basis if she then immediately sells the property for a half a million dollars and she's living there as her primary residence then she might not know anything because five hundred thousand dollars - three hundred thousand dollars is two hundred thousand and she's allowed to keep up to two hundred and fifty thousand tax-free you can see how...