Md. Code Regs. 03.04.12.05

Current through Register Vol. 51, No. 24, December 2, 2024

Section 03.04.12.05 - Responsibilities of Transferee and Real Estate Reporting Person at Settlement

A. Unless the transfer is fully exempt from the withholding requirements of this chapter, the transferee or real estate reporting person shall:

(1) Withhold at settlement the tax required under Regulation .03B(1) of this chapter; and

(2) Remit the tax to the clerk or to the Department in accordance with Regulation .06 of this chapter.

B. A Return of Income Tax Withholding for Nonresident Sale of Real Property (Form MW506NRS) is required for each transferor for each transfer in which tax was withheld.

Md. Code Regs. 03.04.12.05

Regulations .05 adopted as an emergency provision effective October 1, 2003 (30:22 Md. R. 1574); emergency status extended at 31:22 Md. R. 1594; emergency status expired March 31, 2005
Regulations .05 adopted as an emergency provision effective April 1, 2005 (32:11 Md. R. 981); adopted permanently effective July 18, 2005 (32:14 Md. R. 1275)