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PART 3: PURCHASE PRICE AND TERMS OF SALE
<br />It is important to complete this section completely and accurately. The reported purchase price and terms of sale are important factors
<br />in determining the assessed value of the property, which is used to calculate your property tax bill. Your failure to provide any required
<br />or requested information may result in an inaccurate assessment of the property and in an overpayment or underpayment of taxes.
<br />A. Enter the total purchase price, not including closing costs or mortgage insurance.
<br />"Mortgage insurance" is insurance protecting a lender against loss from a mortgagor's default, issued by the FHA or a
<br />private mortgage insurer.
<br />B. Enter the amount of the down payment, whether paid in cash or by an exchange. If through an exchange, exclude the closing costs.
<br />"Closing costs" are fees and expenses, over and above the price of the property, incurred by the buyer and/or seller, which
<br />include title searches, lawyer's fees, survey charges, and document recording fees.
<br />C. Enter the amount of the First Deed of Trust, if any. Check all the applicable boxes, and complete the information requested.
<br />A "balloon payment" is the final installment of a loan to be paid in an amount that is disproportionately larger than the regular
<br />installment.
<br />D. Enter the amount of the Second Deed of Trust, if any. Check all the applicable boxes, and complete the information requested.
<br />E. If there was an assumption of an improvement bond or other public financing with a remaining balance, enter the outstanding
<br />balance, and mark the applicable box.
<br />An "improvement bond or other public financing" is a lien against real property due to property -specific improvement
<br />financing, such as green or solar construction financing, assessment district bonds, Mello -Roos (a form of financing that can
<br />be used by cities, counties and special districts to finance major improvements and services within the particular district) or
<br />general improvement bonds, etc. Amounts for repayment of contractual assessments are included with the annual property tax
<br />bill.
<br />F. Enter the amount of any real estate commission fees paid by the buyer which are not included in the purchase price.
<br />G. If the property was purchased through a real estate broker, check that box and enter the broker's name and phone number. If the
<br />property was purchased directly from the seller (who is not a family member of one of the parties purchasing the property), check the
<br />"Direct from seller" box. If the property was purchased directly from a member of your family, or a family member of one of the parties
<br />who is purchasing the property, check the "From a family member' box and indicate the relationship of the family member (e.g., father,
<br />aunt, cousin, etc.). If the property was purchased by some other means (e.g., over the Internet, at auction, etc.), check the "OTHER"
<br />box and provide a detailed description (attach a separate sheet if necessary).
<br />H. Describe any special terms (e.g., seller retains an unrecorded life estate in a portion of the property, etc.), seller concessions (e.g.,
<br />seller agrees to replace roof, seller agrees to certain interior finish work, etc.), broker/agent fees waived (e.g., fees waived by the
<br />broker/agent for either the buyer or seller), financing, buyer paid commissions, and any other information that will assist the Assessor in
<br />determining the value of the property.
<br />PART 4: PROPERTY INFORMATION
<br />A. Indicate the property type or property right transferred. Property rights may include water, timber, mineral rights, etc.
<br />B. Check YES if personal, business property or incentives are included in the purchase price in Part 3. Examples of personal or
<br />business property are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships (golf, health, etc.), ski
<br />lift tickets, homeowners' dues, etc. Attach a list of items and their purchase price allocation. An adjustment will not be made if a detailed
<br />list is not provided.
<br />C. Check YES if a manufactured home or homes are included in the purchase price. Indicate the purchase price directly attributable to
<br />each of the manufactured homes. If the manufactured home is registered through the Department of Motor Vehicles in lieu of being
<br />subject to property taxes, check NO and enter the decal number.
<br />D. Check YES if the property was purchased or acquired with the intent to rent or lease it out to generate income, and indicate the
<br />source of that anticipated income. Check NO if the property will not generate income, or was purchased with the intent of being owner -
<br />occupied.
<br />E. Provide your opinion of the condition of the property at the time of purchase. If the property is in "fair" or "poor" condition, include a
<br />brief description of repair needed.
<br />SFRM0017 (DSI Rev. 02118/21)
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