Question of the Day - How Do You Advise on Real Property Transfer Declaration?

By
Real Estate Broker Owner with Aspen Lane Real Estate LLC

The Real Property Transfer Declaration ask the buyer if any personal property was conveyed in the sale of the home including carpeting, appliances, window covering, etc. 

I have always advised my clients to make this number a little high but not to exceed one percent of thesigning a contract sales price.

It has always been my understanding that the county will deduct this number from the purchase price of the home before they establish property taxes for the home.

My business partner advises people to use garage sale prices for this personal property and keep the number as low as possible.

I would love to hear what others think of this situation.

I'm not sure if the form is specific to Colorado, or if it is universal across the states.

Please share your thoughts on this subject.

 

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Comments 8 New Comment

Rainmaker
1,278,203
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Belinda, the Arapahoe County Assessor has been to the Board, and recommended 2% on resale, and 3-4% on new, but also how much personal property is involved.

March 12, 2011 09:24 AM
Rainmaker
916,185
Belinda Spillman
Your Real Estate Resource For Life!
Aspen Lane Real Estate LLC

Jerry,  I wasn't sure if it was just a colorado thing or not.

Roy.  Good to know that you don't have it either.  Must be just Colorado.

Hi Joan.  Thanks for that.  I thought it needed to be higher than lower.

March 12, 2011 12:57 PM
Rainmaker
1,084,017
Jim Frimmer
Realtor & CDPE, Mission Valley specialist
HomeSmart Realty West

That’s interesting. Do you put in a number even if no personal property conveyed? Wouldn’t that be fraud?

March 12, 2011 10:40 PM
Rainmaker
239,351
Joyce Godwin
RE/MAX Realty Center, Houston Area Relocation Info
12810 Telge,Cypress,TX 77429 -Houston,Cypress,Spring,Tomball

Belinda, I think I'm glad we don't have to deal with it in Texas.

March 13, 2011 01:46 AM
Rainmaker
916,185
Belinda Spillman
Your Real Estate Resource For Life!
Aspen Lane Real Estate LLC

Hi Jim.  They consider appliances and carpeting personal property.  There have been times when we put zero because the house is stripped of everything.

Joyce, It is weird that it is specific to Colorado.

March 13, 2011 09:52 AM
Rainmaker
916,185

Belinda Spillman

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