Form 593 definition
Examples of Form 593 in a sentence
In the event Seller is not exempt from such withholding or does not otherwise deliver the California Exemption Certificate at Closing, Buyer shall execute and deliver three (3) originals of California Form 593 to Title Company at or immediately after Closing.
Buyer and Seller hereby appoint Title Company as a reporting entity under the Tax Code, authorized to withhold and remit the withholding tax contemplated under the Tax Code, together with such other documents required by the Tax Code (including, without limitation, California Form 593), to the California Franchise Tax Board.
Deliver to Buyer: (i) the original Title Policy for each Property; (ii) an original Assignment and Assumption of Leases for each Property; (iii) the original Certification and Form 593; (iv) an original of the Assignment and Assumption of Contracts for each Property; and (v) an original of the ▇▇▇▇ of Sale for each Property.
Attach a copy of the signed promissory note to Form 593-I (showing the installment payment required) and seller’s signed certification of Form 593 (if seller elected this method), or this agreement will not be valid.
A California Form 593 Real Estate Withholding Certificate executed by Seller (the “Withholding Exemption Certificate”).
When you send the withholding on the final installment payment, write “Final Installment Payment” on the bottom of Form 593.
If you are withheld upon, the withholding agent should give you one copy of Form 593.
If you did not check any box in Part II or Part III, the withholding will be 3 1/3% (0.333) of the total sales price or the optional gain on sale withholding amount certified by seller on Form 593, Real Estate Withholding Tax Statement.
If you do not complete Form 593-I and send it to us, you must withhold either the full 3 1/3% of the total sales price or the Optional Gain on Sale withholding amount on Form 593, line 5, that is certified by the seller.
Instruct your real estate escrow person to withhold either the full 3 1/3% of the total sales price or the Optional Gain on Sale withholding amount on Form 593, line 5, that is certified by the seller.