The Alabama Rt 1 form is a real estate sales validation document that must be filed in accordance with the Code of Alabama 1975, Section 40-22-1. This form captures essential information regarding the transaction, including the names and addresses of the grantor and grantee, the property address, the date of sale, and the total purchase price or actual value of the property. Accurate completion of this form is crucial, as it helps ensure compliance with state regulations and may impact tax assessments.
The Alabama Rt 1 form, officially known as the Real Estate Sales Validation Form, plays a critical role in the property transfer process within the state. This document must be filed in compliance with the Code of Alabama 1975, specifically Section 40-22-1. It requires essential information such as the names and mailing addresses of both the grantor and grantee, the physical address of the property, the date of sale, and the total purchase price or actual value of the property being conveyed. Additionally, the form allows for verification of the claimed purchase price through various types of documentary evidence, including a bill of sale, appraisal, sales contract, or closing statement. Notably, if the conveyance document already includes all necessary information, the filing of the Rt 1 form may not be required. However, it is crucial to ensure that the details provided are accurate, as any discrepancies could lead to penalties under the relevant Alabama statutes. By understanding the importance and requirements of the Alabama Rt 1 form, individuals involved in real estate transactions can navigate the complexities of property conveyance more effectively.
REAL ESTATE SALES VALIDATION FORM
THIS DOCUMENT MUST BE FILED IN ACCORDANCE WITH CODE OF ALABAMA 1975, SECTION 40-22-1
Grantor's Name
Grantee's Name
Mailing Address
Property Address
Date of Sale
Total Purchase Price $
or
Actual Value
$
Assessor's Market Value $
The purchase price or actual value claimed on this form can be verified in the following documentary
evidence: (check one)
(Recordation of documentary evidence is not required)
Bill of Sale
Appraisal
Sales Contract
Other
Closing Statement
If the conveyance document presented for recordation contains all of the required information referenced above, the filing of this form is not required.
INSTRUCTIONS
Grantor's name and mailing address - provide the name of the person or persons conveying interest to property and their current mailing address.
Grantee's name and mailing address - provide the name of the person or persons to whom interest to property is being conveyed.
Property address - the physical address of the property being conveyed, if available.
Date of Sale - the date on which interest to the property was conveyed.
Total purchase price - the total amount paid for the purchase of the property, both real and personal, being conveyed by the instrument offered for record.
Actual value - if the property is not being sold, the true value of the property, both real and personal, being conveyed by the instrument offered for record. This may be evidenced by an appraisal conducted by a licensed appraiser or the assessor's current market value.
If no proof is provided and the value must be determined, the current estimate of fair market value, excluding current use valuation, of the property as determined by the local official charged with the responsibility of valuing property for property tax purposes will be used and the taxpayer will be penalized pursuant to Code of Alabama 1975 § 40-22-1 (h).
I attest, to the best of my knowledge and belief that the information contained in this document is true and accurate. I further understand that any false statements claimed on this form may result in the imposition of the penalty indicated in Code of Alabama 1975 § 40-22-1 (h).
DatePrint
Unattested
Sign
(verified by)
(Grantor/Grantee/Owner/Agent) circle one
FORM RT-1
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