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Revised Procedure for Short Sales and Ancient Deeds

 

Notice to Real Estate Closing Attorney/Settlement Agents:

Revised Procedure for Short Sales and Ancient Deeds

 

Beginning May 1, 2012, Form GIT/REP- 4 Waiver of Seller’s Filing Requirement of GIT/REP Forms And Payment, is not required to be filed with the Division of Taxation in situations where a property is being sold pursuant to a short sale. Instead, in short sale situations, Form GIT/REP-3, Seller’s Residency Certification/Exemption, must be completed with box 9 checked at the time of closing and given to the buyer’s attorney or settlement agent.

 

Additionally, Form GIT/REP- 4, Waiver of Seller’s Filing Requirement of GIT/REP Forms and Payment, is not required in situations if a deed dated prior to August 1, 2004 (an “ancient deed”) was not recorded. If a deed dated prior to August 1, 2004 was not recorded, Form GIT/REP-3, must be completed with box 10 checked when the attorney records the deed. This administrative change of procedure will allow for efficient management of closings involving short sales or recording of ancient deeds.

 

Form GIT/REP-3

 

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