A Bulk Sales Affidavit Form is used by a seller of a business to inform the buyer of all creditors of the business and the amount of their claims against the business. Generally, failure to comply with the Bulk Sales or Transfers Act portion of the Uniform Commercial Code will mean that original creditors of a seller will have a lien against the assets and inventory which are transferred to the buyer.
Michigan Bulk Sales Transfer Affidavit
Category:
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Multi-State
Control #:
US-00043DR
Format:
Word;
Rich Text
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How to fill out Bulk Sales Transfer Affidavit?
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Sign and date the quitclaim deed in a notary's presence, then file it with the County Register of Deeds Office in the property's county, not the county where you live. Once the deed is filed and recorded, the transfer is deemed legal.
Affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. The information on this form is NOT CONFIDENTIAL.
Affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. The information on this form is NOT CONFIDENTIAL.
MCL 207.526(h)(i) provides an exemption from the SRETT when the grantor is the United States, the State of Michigan, a political subdivision or municipality within the State of Michigan, or an "officer" of either the United States or this state or of a municipality of this state, while acting in his or her official ...
MICHIGAN REAL ESTATE TRANSFER TAX The tax shall be upon the person who is the seller or the grantor. In the case of an exchange of two properties the deeds transferring title to each are subject to tax, and in each case shall be computed on the basis of the actual value of the property conveyed.
Calculating the Michigan Real Estate Transfer Tax The real estate transfer tax includes two components: the state tax and the county tax. These taxes are levied at different rates: State Transfer Tax Rate ? $3.75 for every $500 of value transferred. County Transfer Tax Rate ? $0.55 for every $500 of value transferred.
A Michigan property owner transfers title to real estate by signing and recording a deed. A deed allows the current owner (grantor) to transfer real estate to a new owner (grantee). Depending on the situation, there may be multiple grantors or multiple grantees within a single deed.
State Law requires a Property Transfer Affidavit to be filed whenever real estate is transferred (even if you are not recording a deed).