280-20-10 R.I. Code R. § 1.13

Current through June 20, 2024
Section 280-RICR-20-10-1.13 - Sales/Transfers of Property by Exempt Organizations
A. Sales/transfers of property by organizations which are exempt from taxation under provisions of the Internal Revenue Code, or by their charter, are exempt from the withholding provisions of R.I. Gen. Laws § 44-30-71.3. The buyer may rely on the seller's determination of exempt status only if seller furnishes the buyer with a notarized Affidavit of Exempt Seller (NRWXMPT) signed under penalties of perjury. If a deed contains a recitation of exempt status by the seller, the recording of such deed shall in all instances discharge the lien imposed by R.I. Gen. Laws § 44-30-71.3(c).
B. Provided, however, that when property is sold/transferred by the following named organizations only, no Affidavit of Exempt Seller need be executed nor is a recital of exempt status required in the deed so long as said exempted entities are fully identified in the granting clause of the deed in question. Such entities include:
1. The Federal Deposit Insurance Corporation
2. The Resolution Trust Corporation
3. Rhode Island Housing and Mortgage Finance Corporation
4. Board of Governors of the Federal Reserve System
5. Federal Reserve Bank
6. Federal Home Loan Bank
7. Comptroller of the Currency
8. The Office of Thrift Supervision
9. The National Credit Union Administration Board
10. The Farm Credit Administration
11. The Farm Credit System Insurance Corporation
12. The Small Business Administration
13. The Federal National Mortgage Association
14. The Federal Home Loan Mortgage Corporation
15. The Government National Mortgage Association

280 R.I. Code R. § 280-RICR-20-10-1.13