Real Estate Transfer Fee Common Questions - B

Bankruptcy

Is a bankruptcy-ordered real estate conveyance exempt from a transfer fee?

No. A conveyance ordered by the bankruptcy court is subject to the transfer fee under state administrative rule.
Is a sale that is part of a confirmed plan of reorganization under 11 U.S.C. § 1146(a) and is approved by the court, exempt from transfer fee?
Yes. The sale is exempt if it occurs after the Bankruptcy Court confirms the plan.
Complete the RETR with the following selections/explanation:
- Document type – choose "Foreclosure - sheriff's deed"
- Conveyance type – select "Sheriff's deed (with prior interest in the mortgage or property)"
- Grantor/grantee relationship – choose "Other" and enter "Confirmed plan transferee" as the explanation
- Transfer fee exemption – select "14 – Foreclosure"
- Estimated value – enter estimated value

A girlfriend and boyfriend purchased a house together. The mortgage is in the boyfriend's name. Title is in both names. Girlfriend is signing over her half interest to the boyfriend. Are a return and a transfer fee due?
Yes. A deed and RETR must be completed. A transfer fee is due on half the total value of the real estate, as only a half interest is being conveyed, and no exemption applies.

How do you complete a RETR for a BFI to establish a parcel number for the building(s), fixture(s) or improvement(s)?
For the initial creation of the parcel number the grantor should be the owner of the land parcel and the grantee will be the current owner of the Building(s), Fixture(s), and/or Improvement(s)
How do you complete a RETR for a conveyance of a building, fixture or improvement?
For a conveyance of the building(s), fixture(s) or improvement(s), the grantor is the current owner of the building(s), fixture(s) or improvement(s) and the grantee will be the new owner of the building(s), fixture(s) or improvement(s).