Current through December 26, 2024
Section 280-RICR-20-10-1.13 - Sales/Transfers of Property by Exempt OrganizationsA. 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 Corporation2. The Resolution Trust Corporation3. Rhode Island Housing and Mortgage Finance Corporation4. Board of Governors of the Federal Reserve System6. Federal Home Loan Bank7. Comptroller of the Currency8. The Office of Thrift Supervision9. The National Credit Union Administration Board10. The Farm Credit Administration11. The Farm Credit System Insurance Corporation12. The Small Business Administration13. The Federal National Mortgage Association14. The Federal Home Loan Mortgage Corporation15. The Government National Mortgage Association280 R.I. Code R. 280-RICR-20-10-1.13