Certificate Of Real Estate Value Form PDF Details

In the complex landscape of real estate transactions, the Certificate of Real Estate Value form plays a pivotal role in providing transparency and ensuring compliance with state regulations. Originating from South Dakota's legal framework, specifically cited under SDCL 7-9-7(4) and further elaborated in Administrative Rule 64:04:01:06.01, this document is essential for a myriad of transactions involving the transfer of real property since July 1, 1988. This includes the execution of deeds such as warranty deeds, quit claim deeds, and others, alongside contracts for deed and related documents, with an exception made for state-conveyed highway right-of-way. Notably, the form excludes requirements for documents like divorce decrees and probate decrees. A significant section of this form addresses whether a property is classified as owner-occupied, a status that affects property taxation rates and is solely for the buyer to complete. Detailed information required includes seller and buyer names, addresses, the transaction's legal description, and a break-down of financial considerations including any buyer financing arrangements. This not only serves courthouse documentation needs but also aids in ensuring fair property tax assessments. The instructions stipulate the necessity of accurate and comprehensive completion, highlighting the legal and fiscal importance of this document in real estate transactions, tax assessments, and the broader administrative landscape.

QuestionAnswer
Form NameCertificate Of Real Estate Value Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namessd value form, sd 56 7 4, pt 56 form, sd 56 form

Form Preview Example

CERTIFICATE OF REAL ESTATE VALUE [SDCL 7-9-7(4)]

 

 

 

 

 

 

 

 

COURTHOUSE USE ONLY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book ______ Page _______

State of South Dakota, County of

________________________________

 

 

 

 

 

 

 

 

 

 

 

 

Ratio Card No._________

Seller(s):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(

 

 

 

 

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phone Number

 

Mailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address

__________________________________________________

 

___________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Street/Box

Number

 

City

 

 

 

 

State/Zip Code

Buyer(s):

 

 

 

 

 

 

 

 

 

(

 

 

 

 

 

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phone Number

Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address

 

Street/Box

Number

 

City

 

 

 

 

State/Zip Code

NEW

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailing

 

________________________________________________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address

 

Street/Box

Number

 

City

 

 

 

 

State/Zip Code

OWNER OCCUPIED - THIS BOX TO BE COMPLETED BY BUYER ONLY

These items are important to complete for property to continue to be classified as owner occupied for a lower property tax rate.

Property is currently classified as owner-occupied

YES_______ NO _______

 

 

Property will be occupied by buyer on ____________(date)

YES_______ NO _______

Property will be principal residence of buyer on the above stated date

YES_______ NO _______

Do you own any other residential property in the United States?

YES_______ NO _______ If yes, state location_____________________

Signature (BUYER ONLY) ___________________________________________________________________________________________________

Legal Description (Please include the number of acres for unplatted properties)

(1)Date of Instrument ________________________

(2)Type of Instrument:

Contract for Deed

 

Warranty Deed

 

Quit Claim Deed

 

 

Trustee's Deed

 

 

 

 

 

 

 

 

 

Other (specify)

________________________________________

(3) Items Involved in Transaction

 

 

 

 

 

(a) Was this property offered for sale to the general public

YES

 

 

(b) Relationship between buyer and seller?

 

 

 

YES

 

 

 

 

 

(c) Was this property sold by owner

 

agent

 

 

 

 

Executor's Deed

 

Mineral Deed

 

 

 

Administrator's Deed

 

Gift

 

 

 

 

 

NO

 

 

(d) Actual Consideration Exchanged: $

________________

 

 

 

 

 

 

 

 

 

 

 

 

NO

 

 

(e) Adjusted price paid for real estate: $

________________

 

 

 

 

 

(actual consideration less amount paid for major items of

 

 

 

personal property which are listed below)

In the blanks below, list any major items of personal property and their value which were included in the total purchase price (i.e. furniture, inventory, crops, leases, franchises):

(4) Was there Buyer Financing

YES

 

NO

 

(a) Type of Buyer Financing - check where applicable

 

 

 

 

Like Kind Exchange

Conventional Bank Loan

 

 

 

 

 

 

Assumed Mortgage

Cash Sale

 

 

 

 

 

Farm Credit Service

FHA, FmHA, SDHA Loan

 

 

 

[must complete part (b)]

Contract for Deed

 

 

If yes, items (a) and (b) below MUST

 

 

 

 

 

 

 

 

 

be completed (b) Contract for Deed

 

 

 

 

 

 

 

 

YES

 

 

 

NO

 

 

 

 

 

 

(If yes, MUST comlete items below)

 

 

Down Payment _

__________________________________

 

 

 

 

 

 

 

 

 

 

 

 

Monthly/Yearly Payment

_____________

 

 

Interest Rate

__________

 

 

 

 

 

 

No. of Payments

__________

 

 

Balloon Payment

__________

__________________________________________________

__________________________________

 

Date

Signature of seller, Buyer, or agent of _________________________________

 

PT 56 (Rev 06/05) Form required pursuant to SDCL 7-9-7(4) and Administrative Rule 64:04:01:06.01

CERTIFICATE OF REAL ESTATE VALUE [SDCL 7-9-7(4)]

As adopted by Administrative Rule 64:04:01:06.01

The Certificate of Real Estate Value form as adopted by administrative rule must be filed with "? any deed or contract for deed dated after July 1, 1988 used in the purchase, exchange, transfer or assignment of interest in real property?"

This would include actual "deeds" such as warranty deed, quit claim deed, grantor's deed, sheriff's deed, trustee's deed,

executor's deed, administrator's deed, mineral deed and similar deeds. Contract for deed would also encompass a memoranda of a contract for deed, and addenda to contracts for deed, and notice of contract for deed.

A statute exception to the form being filed is for the State of South Dakota conveying highway right-of-way (SDCL 7-9-7.3)

Documents that do NOT need to be accompanied with a certificate of real estate value are: Divorce Decree, Probate Decree, Easements.

The Box Labeled Owner Occupied is optional - - if it is completed, it must be completed by and contain signature of Buyer only - - this box cannot be signed by an agent of the buyer, or anyone else. This is important to complete so as the buyer may, if eligible, maintain the classification of owner-occupied on the property and receive the lower property tax

rate

for

that

classification

of

property.

Any questions on this should be directed to the Property Tax Division of the Department of Revenue and Regulation in Pierre, SD (605) 773-3311

INSTRUCTIONS FOR COMPLETING SD PT-56 (Rev 6/05)

 

COURTHOUSE USE ONLY - This box is for county courthouse use only

Do Not Use

Seller Information - name, phone number, current mailing address of seller

Required

Buyer Information - name, phone number, current mailing address, new mailing

Required

address of buyer

 

Owner-Occupied - this box has information to be completed by buyer only . Check either Yes or

Optional

No to each of the questions. For the question "Property will be occupied by buyer

 

on:" - - fill in date that buyer will be occupying the property

 

If the buyer owns any other residential property in the US, state where property is located

 

Legal Description - legal description of property involved in transaction

Required

(1) Date of Instrument Required

 

(2) Type of Instrument - check which type of instrument is being recorded

Required

(3) Items involved in Transaction

(a) Offered for sale to the general public - -was general knowledge that the property was Required for sale - does not mean it had to be listed with a realtor.

(b)Relationship between buyer and seller Required

 

(c) Was the property sold by the owner or an agent

Required

(d)

Actual Consideration Exchanged Required

 

 

(e) Adjusted price paid for real estate - actual consideration less any major items of

Required

 

personal property for which consideration was paid.

 

 

List major items of personal property involved in transaction, if any

Optional

(4) Was there Buyer Financing Required

 

 

If yes - - must complete part 4(a) and 4(b)

 

 

(a) Type of Buyer Financing - check type of financing

 

 

(b) Answer if contract for deed

 

 

If yes - must complete all items requested

 

Signature - Signature of seller, buyer or an agent, declaring an agent of whom

Required

DateRequired

 

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2. Once your current task is complete, take the next step – fill out all of these fields - Date of Instrument, Type of Instrument, Contract for Deed Quit Claim Deed, Other specify, Warranty Deed, Trustees Deed, Executors Deed Administrators Deed, Mineral Deed Gift, Items Involved in Transaction, a Was this property offered for, agent, YES, YES, d Actual Consideration Exchanged, and e Adjusted price paid for real with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

YES, e Adjusted price paid for real, and Executors Deed Administrators Deed in sd pt 56

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