Form Pt 56 PDF Details

In the intricate world of real estate transactions, documentation plays a crucial role in ensuring all parties are on the same page and legal requirements are met. Among the myriad of forms and paperwork, the Pt 56 form stands out in South Dakota for its importance in recording the value of real estate dealings. Known formally as the Certificate of Real Estate Value, its significance is underscored by its requirement for any deed or contract for deed dated after July 1, 1988, that is used in the purchase, exchange, transfer, or assignment of interest in real property. This encompasses a wide array of deeds, including, but not limited to, warranty and quit claim deeds, along with contracts for deed and their associated documents. Moreover, the form carries specific exclusions, such as not being necessary for divorce decrees, probate decrees, or easements, illustrating the targeted nature of its application. The meticulously outlined fields — from seller and buyer information to details about owner occupancy and financing — serve not only to capture the transaction's financial essence but also to maintain eligibility for lower property tax rates through the owner-occupied classification. This designation, pivotal for buyers seeking to benefit from reduced tax burdens, emphasizes the form's value beyond mere transactional record-keeping. Additionally, the guidance provided for completing the Pt 56 form illustrates the intricate balance between regulatory compliance and facilitating the smooth transition of property ownership, spotlighting the indispensable role of this document in facilitating clear, concise, and legal property transactions within the state of South Dakota.

QuestionAnswer
Form NameForm Pt 56
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namescertificat of real estate certificate of real estate value south dakota online form

Form Preview Example

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

 

COURTHOUSE USE ONLY

State of South Dakota, County of ________________________________

Book ______ Page _______

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

Conventional Bank Loan

Like Kind Exchange

Cash Sale

Assumed Mortgage

FHA, FmHA, SDHA Loan

Farm Credit Service

Contract for Deed

[must complete part (b)]

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

 

How to Edit Form Pt 56 Online for Free

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Step 1: Firstly, open the pdf tool by pressing the "Get Form Button" in the top section of this site.

Step 2: Once you access the editor, you will see the form ready to be filled in. Aside from filling in different blank fields, you may also perform several other actions with the file, particularly adding any textual content, editing the initial textual content, inserting graphics, affixing your signature to the PDF, and a lot more.

Completing this PDF requires care for details. Make certain all required areas are done correctly.

1. You need to fill out the Form Pt 56 properly, so be careful while filling out the parts including all of these blank fields:

Writing segment 1 of Form Pt 56

2. The third stage would be to submit the following blank fields: Legal Description Please include, 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, and d Actual Consideration Exchanged.

Step no. 2 in filling in Form Pt 56

People frequently get some points wrong when completing Warranty Deed in this part. Ensure that you double-check whatever you enter right here.

3. The following step is related to Was there Buyer Financing, YES, a Type of Buyer Financing check, Conventional Bank Loan, Cash Sale, FHA FmHA SDHA Loan, Like Kind Exchange, Assumed Mortgage, Farm Credit Service, Contract for Deed, must complete part b, If yes items a and b below MUST be, b Contract for Deed, NO If yes MUST comlete items below, and YES - type in each one of these empty form fields.

Stage no. 3 of submitting Form Pt 56

Step 3: Soon after rereading the entries, click "Done" and you are good to go! Create a 7-day free trial option at FormsPal and obtain instant access to Form Pt 56 - readily available from your FormsPal account. We do not sell or share any details that you type in while working with forms at FormsPal.

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