Sec. 03.04.12.05. Responsibilities of Transferee and Real Estate Reporting Person at Settlement

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A. Unless the transfer is fully exempt from the withholding requirements of this chapter, the transferee or real estate reporting person shall:

(1) Withhold at settlement the tax required under Regulation .03B(1) of this chapter; and

(2) Remit the tax to the clerk or to the Department in accordance with Regulation .06 of this chapter.

B. A Return of Income Tax Withholding for Nonresident Sale of Real Property (Form MW506NRS) is required for each transferor for each transfer in which tax was withheld.

                    
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