Form GIT-REP-3 "Seller's Residency Certification/Exemption" - New Jersey

What Is Form GIT-REP-3?

This is a legal form that was released by the New Jersey Department of the Treasury - a government authority operating within New Jersey. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on September 1, 2015;
  • The latest edition provided by the New Jersey Department of the Treasury;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form GIT-REP-3 by clicking the link below or browse more documents and templates provided by the New Jersey Department of the Treasury.

ADVERTISEMENT
ADVERTISEMENT

Download Form GIT-REP-3 "Seller's Residency Certification/Exemption" - New Jersey

192 times
Rate (4.8 / 5) 9 votes
GIT/REP-3
State of New Jersey
(9-2015)
SELLER’S RESIDENCY CERTIFICATION/EXEMPTION
(Please Print or Type)
SELLER’S INFORMATION
Name(s)
Current Street Address
City, Town, Post Office Box
State
Zip Code
PROPERTY INFORMATION
Block(s)
Lot(s)
Qualifier
Street Address
City, Town, Post Office Box
Zip Code
State
Seller’s Percentage of Ownership
Total Consideration
Owner’s Share of Consideration
Closing Date
SELLER’S ASSURANCES (Check the Appropriate Box) (Boxes 2 through 14 apply to Residents and Nonresidents)
1. ¨ Seller is a resident taxpayer (individual, estate, or trust) of the State of New Jersey pursuant to the New Jersey Gross Income Tax Act,
will file a resident gross income tax return, and will pay any applicable taxes on any gain or income from the disposition of this
property.
2. ¨ The real property sold or transferred is used exclusively as a principal residence as defined in 26 U.S. Code section 121.
3. ¨ Seller is a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or in a transfer in lieu of foreclosure with no
additional consideration.
4. ¨ Seller, transferor, or transferee is an agency or authority of the United States of America, an agency or authority of the State of New
Jersey, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage
Association, or a private mortgage insurance company.
¨ Seller is not an individual, estate, or trust and is not required to make an estimated gross income tax payment.
5.
¨ The total consideration for the property is $1,000 or less so the seller is not required to make an estimated income tax payment.
6.
7. ¨ The gain from the sale is not recognized for federal income tax purposes under 26 U.S. Code section 721, 1031, or 1033 (CIRCLE
THE APPLICABLE SECTION). If the indicated section does not ultimately apply to this transaction, the seller acknowledges the
obligation to file a New Jersey income tax return for the year of the sale and report the recognized gain.
¨ Seller did not receive non-like kind property.
8. ¨ The real property is being transferred by an executor or administrator of a decedent to a devisee or heir to effect distribution of the
decedent’s estate in accordance with the provisions of the decedent’s will or the intestate laws of this State.
9. ¨ The real property being sold is subject to a short sale instituted by the mortgagee, whereby the seller agreed not to receive any
proceeds from the sale and the mortgagee will receive all proceeds paying off an agreed amount of the mortgage.
10. ¨ The deed is dated prior to August 1, 2004, and was not previously recorded.
11. ¨ The real property is being transferred under a relocation company transaction where a trustee of the relocation company buys the
property from the seller and then sells the house to a third party buyer for the same price.
12. ¨ The real property is being transferred between spouses or incident to a divorce decree or property settlement agreement under 26
U.S. Code section 1041.
13. ¨ The property transferred is a cemetery plot.
14. ¨ The seller is not receiving net proceeds from the sale. Net proceeds from the sale means the net amount due to the seller on the
settlement sheet.
SELLER’S DECLARATION
The undersigned understands that this declaration and its contents may be disclosed or provided to the New Jersey Division of Taxation and that any false
statement contained herein may be punished by fine, imprisonment, or both. I furthermore declare that I have examined this declaration and, to the best of
my knowledge and belief, it is true, correct and complete. By checking this box o I certify that a Power of Attorney to represent the seller(s) has been
previously recorded or is being recorded simultaneously with the deed to which this form is attached.
__________________________________________
_____________________________________________________________________
Date
Signature
(Seller) Please indicate if Power of Attorney or Attorney in Fact
__________________________________________
_____________________________________________________________________
Date
Signature
(Seller) Please indicate if Power of Attorney or Attorney in Fact
GIT/REP-3
State of New Jersey
(9-2015)
SELLER’S RESIDENCY CERTIFICATION/EXEMPTION
(Please Print or Type)
SELLER’S INFORMATION
Name(s)
Current Street Address
City, Town, Post Office Box
State
Zip Code
PROPERTY INFORMATION
Block(s)
Lot(s)
Qualifier
Street Address
City, Town, Post Office Box
Zip Code
State
Seller’s Percentage of Ownership
Total Consideration
Owner’s Share of Consideration
Closing Date
SELLER’S ASSURANCES (Check the Appropriate Box) (Boxes 2 through 14 apply to Residents and Nonresidents)
1. ¨ Seller is a resident taxpayer (individual, estate, or trust) of the State of New Jersey pursuant to the New Jersey Gross Income Tax Act,
will file a resident gross income tax return, and will pay any applicable taxes on any gain or income from the disposition of this
property.
2. ¨ The real property sold or transferred is used exclusively as a principal residence as defined in 26 U.S. Code section 121.
3. ¨ Seller is a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or in a transfer in lieu of foreclosure with no
additional consideration.
4. ¨ Seller, transferor, or transferee is an agency or authority of the United States of America, an agency or authority of the State of New
Jersey, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage
Association, or a private mortgage insurance company.
¨ Seller is not an individual, estate, or trust and is not required to make an estimated gross income tax payment.
5.
¨ The total consideration for the property is $1,000 or less so the seller is not required to make an estimated income tax payment.
6.
7. ¨ The gain from the sale is not recognized for federal income tax purposes under 26 U.S. Code section 721, 1031, or 1033 (CIRCLE
THE APPLICABLE SECTION). If the indicated section does not ultimately apply to this transaction, the seller acknowledges the
obligation to file a New Jersey income tax return for the year of the sale and report the recognized gain.
¨ Seller did not receive non-like kind property.
8. ¨ The real property is being transferred by an executor or administrator of a decedent to a devisee or heir to effect distribution of the
decedent’s estate in accordance with the provisions of the decedent’s will or the intestate laws of this State.
9. ¨ The real property being sold is subject to a short sale instituted by the mortgagee, whereby the seller agreed not to receive any
proceeds from the sale and the mortgagee will receive all proceeds paying off an agreed amount of the mortgage.
10. ¨ The deed is dated prior to August 1, 2004, and was not previously recorded.
11. ¨ The real property is being transferred under a relocation company transaction where a trustee of the relocation company buys the
property from the seller and then sells the house to a third party buyer for the same price.
12. ¨ The real property is being transferred between spouses or incident to a divorce decree or property settlement agreement under 26
U.S. Code section 1041.
13. ¨ The property transferred is a cemetery plot.
14. ¨ The seller is not receiving net proceeds from the sale. Net proceeds from the sale means the net amount due to the seller on the
settlement sheet.
SELLER’S DECLARATION
The undersigned understands that this declaration and its contents may be disclosed or provided to the New Jersey Division of Taxation and that any false
statement contained herein may be punished by fine, imprisonment, or both. I furthermore declare that I have examined this declaration and, to the best of
my knowledge and belief, it is true, correct and complete. By checking this box o I certify that a Power of Attorney to represent the seller(s) has been
previously recorded or is being recorded simultaneously with the deed to which this form is attached.
__________________________________________
_____________________________________________________________________
Date
Signature
(Seller) Please indicate if Power of Attorney or Attorney in Fact
__________________________________________
_____________________________________________________________________
Date
Signature
(Seller) Please indicate if Power of Attorney or Attorney in Fact
Seller's Residency Certification/Exemption Instructions
Individuals, estates, trusts, or any other entity selling or transferring property in New Jersey must complete this form if they
are not subject to the gross income tax estimated payment requirements under N.J.S.A. 54A:8-9. A nonresident seller is
required to make an estimated income tax payment if none of the Seller’s Assurances apply.
Name(s): Enter the name of the seller. If there is more than one seller, each must complete a separate form unless they are
a married/civil union couple that files their income tax returns jointly.
Address: Enter the seller’s primary residence or place of business. Do not use the address of the property being sold. The
seller is considered to be a nonresident unless a new residence (permanent place of abode, domicile) has been established
in New Jersey and the new residence is listed here. Part-year residents are considered nonresidents.
Property Information: Enter the information listed on the deed of the property being sold. Enter the seller’s percentage of
ownership, the total consideration for the transaction, the seller’s share of that consideration, and the closing date.
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 the seller's portion of the total consideration received. If the total
consideration for the property is $1,000 or less, the seller must check box 6 under Seller’s Assurances.
Seller’s Assurances: Check the appropriate box(es). If one or more of the Seller’s Assurances applies, the seller is not
required to make an estimated income tax payment at this time.
Any seller claiming the principal residence exemption (box 2) must also be claiming an income/gain exclusion for the property
being sold on their federal income tax return (26 U.S. Code section 121).
1031 like-kind exchange: A nonresident who completes the GIT/REP-3 and claims exemption for a 1031 transaction (box 7)
must show the value of the like-kind property received. If the transaction includes non-like kind property (i.e. money, stocks,
etc), the seller must also compete the GIT/REP-1, Nonresident Seller’s Tax Declaration, show the greater of the
consideration or the fair market value of the non-like kind property received, and remit an estimated tax payment of 2% of
that amount. If the transaction is a deferred like-kind exchange and the seller receives non-like kind property, the qualified
intermediary (QI) must remit an estimated tax payment of 2% of the greater of the consideration or the fair market value of
any non-like kind property when the 1031 transaction is completed. If the deferred exchange is voided, the QI must complete
a GIT/REP-1, Nonresident Seller’s Tax Declaration, and remit an estimated tax payment of 2% of the total consideration with
an NJ-1040-ES Voucher.
Example: Mr. Smith is a nonresident of New Jersey who exchanges rental property A with a fair market value of $1.2 million
for rental property B with a fair market value of $1.0 million and receives $200,000 in cash (non-like kind property). An
estimated tax payment is required on the $200,000 non-like kind property for nonresidents.
PROPERTY A
$1,200,000
PROPERTY B
$1,000,000
CASH $
$ 200,000
Estimated tax payment for GIT/REP-1
$ 4,000
Signature: The seller must sign and date the Seller’s Declaration. If the seller has appointed a representative who is signing
the Seller’s Declaration on their behalf, either the Power of Attorney executed by the seller must have been previously
recorded or recorded with the deed to which this form is attached, or a letter signed by the seller granting authority to the
representative to sign this form must be attached.
The seller must give the completed GIT/REP-3 to the settlement agent at closing. The county clerk will attach this form to the
deed when recording it. If the form is not completed in its entirety, or if the settlement agent does not submit the original form
with the deed, the county clerk will not record the deed.
Page of 2