South Carolina Transferor Affidavit, Tax Lien Inapplicable
Definition and meaning
The South Carolina Transferor Affidavit, Tax Lien Inapplicable, is a legal document that serves to assure the transferee that a tax lien under South Carolina Code Section 12-54-124 will not apply to the assets being transferred. This affidavit confirms that the Department of Revenue will not assert claims against the assets in the hands of the transferee. It is crucial for protecting the transferee from complications related to past tax liens when acquiring property.
How to complete the form
To complete the South Carolina Transferor Affidavit, follow these steps:
- Provide the transferor's name, address, and taxpayer identification number.
- Indicate the date of transfer.
- Fill in the transferee's name and address.
- Check the relevant boxes regarding the nature of the assets being transferred.
- Sign and date the affidavit.
- If needed, have the document notarized by a certified Notary Public.
Always ensure that the information provided is accurate and complete to avoid any legal repercussions.
Who should use this form
This form is primarily intended for individuals or entities that are transferring property in South Carolina and wish to ensure that the transferee is not burdened with tax liens from prior tax obligations of the transferor. It is important for anyone involved in property transactions where liens may be a concern, such as real estate buyers, sellers, and their legal representatives, to use this form.
Key components of the form
The South Carolina Transferor Affidavit includes several essential components:
- Transferor and Transferee Information: Names, addresses, and identification numbers of both parties.
- Date of Transfer: The specific date when the asset transfer occurs.
- Asset Description: Details on whether the assets are business-related or constitute a majority of the business assets.
- Notarization: A section for acknowledgment by a Notary Public, confirming the authenticity of the affidavit.
What documents you may need alongside this one
When filing the South Carolina Transferor Affidavit, you may need to prepare and include the following documents:
- Property Deed: A copy of the property deed being transferred.
- Tax Returns: Recent tax returns for both transferor and transferee to verify financial status.
- Identification: Valid identification for both parties involved in the transaction.
Having these documents ready can streamline the transfer process and provide additional legal support.
Key takeaways
Understanding the importance of the South Carolina Transferor Affidavit, Tax Lien Inapplicable is crucial in property transactions. Here are the key takeaways:
- This affidavit protects the transferee from prior tax liens linked to the transferor.
- Accuracy is vital when completing the form to avoid legal issues.
- Notarization is an important step that adds credibility to the document.
- Be prepared with additional documents to support the transfer process.
Form popularity
FAQ
Section 12-54-124 - Transfer of business assets; tax liens; suspension of business license; certificate of compliance.
South Carolina considers anyone domiciled in South Carolina to be a resident individual for income tax purposes. ( Sec. 12-6-30, S.C. Code ) A part-year resident is someone who is a resident for only a portion of the tax year.
Following a tax sale in South Carolina, you get twelve months to redeem the property by paying off the delinquent amounts. Redeeming the home will prevent the purchaser from taking title to your property.
Is South Carolina a Tax Deed or Tax Lien State? South Carolina is a Tax Deed State.
Unlike North Carolina, which is a tax deed state, South Carolina has enacted legislation requiring the counties to sell tax liens. South Carolina is a tax lien state. So to answer the question: is South Carolina a tax deed state? The answer is no.
The high bidder at the auction will receive a Deed from the Delinquent Tax Collector provided, however, that the taxpayer has not redeemed the property by paying the taxes (and other penalties) in full within one year of the sale. The Deed that the highest bidder receives is often referred to as a ?Tax Deed?
If a taxpayer owes the SCDOR and neglects or fails to pay a tax debt, the SCDOR can issue a state tax lien. A state tax lien is a claim against your real and/or personal property located in South Carolina. Taxpayers who have an active lien must satisfy the debt prior to selling property.
In South Carolina the county officials are authorized to issue tax lien certificates which are sold at auction. Anyone can attend the auction. The state legislature makes all the rules and defines the process. The local board of supervisors or county commissioners dictate the processes within the county.