Blank New Jersey Affidavit of Consideration RTF-1 PDF Template
In New Jersey, when property changes hands, whether through buying, selling, or even some transfers of ownership that aren’t related to a sale, an essential document comes into play: the Affidavit of Consideration RTF-1 form. This crucial paperwork serves a foundational role in the recording process of real estate transactions, while also determining the amount of realty transfer fee (RTF) that must be paid to the state. Designed to ensure that all property transfers are accurately recorded and taxed accordingly, the RTF-1 form is meticulously scrutinized by county clerks and recording officers. It captures a wealth of information including, but not limited to, the sales price, type of property, date of transfer, and the parties involved. What makes the RTF-1 even more significant is its role in the calculation of the realty transfer fee, which is based on the property's sales price and varies accordingly. Timely and accurate completion of this affidavit not only facilitates a smoother property transfer process but also helps in averting potential legal and financial complications that might arise from improperly documented real estate transactions. Thus, the RTF-1 form stands as a pillar in the realm of property transfers in New Jersey, safeguarding the interests of all parties involved and ensuring the state’s property records are meticulously maintained.
Form Example
STATE OF NEW JERSEY
AFFIDAVIT OF CONSIDERATION FOR USE BY SELLER (P.L.1968, c. 49, as amended through P.L. 2006, c. 33) (N.J.S.A.
BEFORE COMPLETING THIS AFFIDAVIT, PLEASE READ THE INSTRUCTIONS ON THE REVERSE SIDE OF THIS FORM.
STATE OF NEW JERSEY |
|
|
|
|
}ss. County Municipal Code |
FOR RECORDER’S USE ONLY |
|
||
|
|
|||
|
Consideration |
$ _____________________ |
|
|
|
RTF paid by seller |
$ ___________________ |
|
|
COUNTY |
_________________ ________________ |
Date___________ By _____________________ |
|
|
MUNICIPALITY OF PROPERTY LOCATION _________________________ |
|
|
||
*Use symbol “C” to indicate that fee is exclusively for county use. |
||||
(1)PARTY OR LEGAL REPRESENTATIVE (See Instructions #3 and #4 on reverse side)
Deponent, ______________________________, being duly sworn according to law upon his/her oath,
(Name)
deposes and says that he/she is the____________________________ in a deed dated ________________________ transferring
(Grantor, Legal Representative, Corporate Officer, Officer of Title Company, Lending Institution, etc.)
real property identified as Block number ___________________________ Lot number __________________________located at
_______________________________________________________________________________ |
and |
annexed |
thereto. |
||
|
(Street Address, Town) |
|
|
|
|
(2) |
CONSIDERATION $__________________(Instructions #1 and #5 on reverse side) no prior mortgage to which property is subject. |
||||
_________________________________________________________________________________________________________ |
|
|
|||
(3) |
Property transferred is Class 4A 4B 4C (circle one). If property transferred is Class 4A, calculation in Section 3A below is required. |
||||
(3A)REQUIRED CALCULATION OF EQUALIZED VALUATION FOR ALL CLASS 4A (COMMERCIAL) PROPERTY TRANSACTIONS: (See Instructions #5A and #7 on reverse side)
Total Assessed Valuation ÷ Director’s Ratio = Equalized Assessed Valuation $_____________________ ÷ ____________% = $_________________________
If Director’s Ratio is less than 100%, the equalized valuation will be an amount greater than the assessed value. If Director’s Ratio is equal to or in excess of 100%, the assessed value will be equal to the equalized valuation.
(4)FULL EXEMPTION FROM FEE (See Instruction #8 on reverse side)
Deponent states that this deed transaction is fully exempt from the Realty Transfer Fee imposed by P.L. 1968, c. 49 as amended through P.L. 2004, c. 66 for the following reason(s). Mere reference to exemption symbol is insufficient. Explain in detail.
______________________________________________________________________________________________________________
(5)PARTIAL EXEMPTION FROM FEE ( Instruction #9 on reverse side)
NOTE: All boxes below apply to grantor(s) only. ALL BOXES IN APPROPRIATE CATEGORY MUST BE CHECKED. Failure to do so will
void claim for partial exemption. Deponent claims that this deed transaction is exempt from State portions of the Basic, Supplemental, and General Purpose Fees, as applicable, imposed by P.L. 1975, c. 176, P.L. 2004, c. 113 and P.L. 2004, c. 66 for the following reason(s):
______________________________________________________________________________________________________________________
A.SENIOR CITIZEN Grantor(s) 
62 years of age or over. * ( Instruction #9 on reverse side for A or B)
B.BLIND PERSON Grantor(s) 
legally blind or; *
DISABLED PERSON Grantor(s) 
permanently and totally disabled 
receiving disability payments 
not gainfully employed*
Senior citizens, blind persons, or disabled persons must also meet all of the following criteria:
Owned and occupied by grantor(s) at time of sale. |
Resident of State of New Jersey. |
One or |
Owners as joint tenants must all qualify. |
*IN CASE OF HUSBAND AND WIFE, PARTNERS IN A CIVIL UNION COUPLE, ONLY ONE GRANTOR NEED QUALIFY IF TENANTS BY THE ENTIRETY.
________________________________________________________________________________________________________________________________________________
C.LOW AND MODERATE INCOME HOUSING (Instruction #9 on reverse side)
Affordable according to H.U.D. standards. |
Reserved for occupancy. |
Meets income requirements of region. |
Subject to resale controls. |
(6)NEW CONSTRUCTION (Instructions #2, #10 and #12 on reverse side)
Entirely new improvement. |
Not previously occupied. |
Not previously used for any purpose. |
“NEW CONSTRUCTION” printed clearly at top of first page of the deed. |
________________________________________________________________________________________________________________________________________________
(7)RELATED LEGAL ENTITIES TO LEGAL ENTITIES (Instructions #5, #12, #14 on reverse side)
No prior mortgage assumed or to which property is subject at time of sale.
No contributions to capital by either grantor or grantee legal entity.
No stock or money exchanged by or between grantor or grantee legal entities.
________________________________________________________________________________________________________________________________________________
(8)Deponent makes this Affidavit to induce county clerk or register of deeds to record the deed and accept the fee submitted herewith in accordance with the provisions of P.L. 1968, c. 49 as amended through P.L. 2006, c. 33.
Subscribed and sworn to before me |
____________________________ |
______________________________ |
||
this |
day of |
, 20 |
Signature of Deponent |
Grantor Name |
_____________________________________ |
|
________________________________________ |
|
|
Deponent Address |
Grantor Address at Time of Sale |
|
|
_______ |
______________________________ |
|
Last three |
digits in Grantor’s Social Security Number |
|
Name/Company of Settlement Officer |
FOR OFFICIAL USE ONLY |
|
Instrument Number___________________ County_________________ |
|
Deed Number_________________ Book __________ Page_________ |
|
Deed Dated ___________________ Date Recorded ________________ |
|
County recording officers shall forward one copy of each |
STATE OF NEW JERSEY |
PO BOX 251
TRENTON, NJ
ATTENTION: REALTY TRANSFER FEE UNIT
The Director of the Division of Taxation in the Department of the Treasury has prescribed this form as required by law, and may not be altered or amended without prior approval of the Director. For information on the Realty Transfer Fee or to print a copy of this Affidavit, visit the Division of Taxation website at: www.state.nj.us/treasury/taxation/lpt/localtax.htm
INSTRUCTIONS FOR FILING FORM
1.STATEMENT OF CONSIDERATION AND REALTY TRANSFER FEE PAYMENT ARE PREREQUISITES FOR DEED RECORDING
No county recording officer shall record any deed evidencing transfer of title to real property unless (a) the consideration is recited in the deed, or (b) an Affidavit by one or more of the parties named in the deed or by their legal representatives declaring the consideration is annexed for recording with the deed, and (c) for conveyances and transfers of property for which the total consideration recited in the deed is not in excess of $350,000, a fee is remitted at the rate of $2.00/$500 of consideration or fractional part thereof not in excess of $150,000; $3.35/$500 of consideration or fractional part thereof in excess of $150,000 but not in excess of $200,000; and $3.90/$500 of consideration or fractional part thereof in excess of $200,000. For transfers of property for which the total consideration recited in the deed is in excess of $350,000, a fee is remitted at the rate of $2.90/$500 of consideration or fractional part not in excess of $150,000; $4.25/$500 of consideration or fractional part thereof in excess of $150,000 but not in excess of $200,000; $4.80/$500 of consideration or fractional part thereof in excess of $200,000; $5.30/$500 of consideration or fractional part thereof in excess of $550,000 but not in excess of $850,000; $5.80/$500 of consideration or fractional part thereof in excess of $850,00 but not in $1,000,000; and $6.05/$500 of consideration or fractional part thereof in excess of $1,000,000, which fee shall be paid in addition to the recording fees imposed by, P.L. 1965 c. 123, Section 2 (C.
2.WHEN AFFIDAVIT MUST BE ANNEXED TO DEED
This Affidavit must be annexed to and recorded with all deeds when entire consideration is not recited in deed or the acknowledgement or proof of the execution, when the grantor claims a total or partial exemption from the fee, Class 4 property that includes commercial, industrial, or apartment property, and for transfers of “new construction.” (See Instructions #10 and #12 below.)
3.LEGAL REPRESENTATIVE
“Legal representative” is to be interpreted broadly to include any person actively and responsibly participating in the transaction, such as, but not limited to: an attorney representing one of the parties; a closing officer of a title company or lending institution participating in the transaction; a holder of power of attorney from grantor or grantee.
4.OFFICER OF CORPORATE GRANTOR/OFFICER OF TITLE COMPANY OR LENDING INSTITUTION
Where a deponent is an officer of corporate grantor, state the name of corporation and officer’s title or where a deponent is a closing officer of a title company or lending institution participating in the transaction, state the name of the company or institution and officer’s title.
5.CONSIDERATION
“Consideration” means in the case of any deed, the actual amount of money and the monetary value of any other thing of value constituting the entire compensation paid or to be paid for the transfer of title to the lands, tenements or other realty, including the remaining amount of any prior mortgage to which the transfer is subject or which is assumed and agreed to be paid by the grantee and any other lien or encumbrance not paid, satisfied or removed in connection with the transfer of title. (P.L. 1968, c. 49, Section 1, as amended.)
5A. CLASS 4A “COMMERCIAL PROPERTIES” DEFINED
Class 4A “Commercial properties” as defined in N.J.A.C.
6.DIRECTOR'S RATIO
“Director’s Ratio” means the average ratio of assessed to true value of real property for each taxing district as determined by the Director, Division of Taxation, in the Table of Equalized Valuations promulgated annually on or before October 1 in each year pursuant to N.J.S.A.
7.EQUALIZED VALUE
“Equalized Value” means the assessed value of the property in the year that the transfer is made, divided by the Director’s Ratio. The Table of Equalized Valuations is promulgated annually on or before October 1 in each year pursuant to N.J.S.A.
(Example: Assessed Value = $1,000,000; Director’s Ratio = 80%. $1,000,000 ÷ .80 = $1,250,000)
8.FULL EXEMPTION FROM THE REALTY TRANSFER FEE (GRANTOR/GRANTEE)
The fee imposed by this Act shall not apply to a deed:
(a)For consideration of less than $100; (b) By or to the United States of America, this State, or any instrumentality, agency or subdivision; (c) Solely in order to provide or release security for a debt or obligation; (d) Which confirms or corrects a deed previously recorded; (e) On a sale for delinquent taxes or assessments; (f) On partition; (g) By a receiver, trustee in bankruptcy or liquidation, or assignee for the benefit of creditors; (h) Eligible to be recorded as an “ancient deed” pursuant to N.J.S.A.
9.PARTIAL EXEMPTION FROM THE REALTY TRANSFER FEE (P.L. 1975, c. 176; P.L. 2003, c. 113; P.L. 2004, c. 66)
The following transfers of title to real property shall be exempt from State portions of the Basic Fee, Supplemental Fee, and General Purpose Fee, as applicable: 1. The sale of any one or
For the purposes of this Act, the following definitions shall apply:
“Blind person” means a person whose vision in his better eye with proper correction does not exceed 20/200 as measured by the Snellen chart or a person who has a field defect in his better eye with proper correction in which the peripheral field has contracted to such an extent that the widest diameter of visual field subtends an angular distance no greater than 20º.
“Disabled person” means any resident of this State who is permanently and totally disabled, unable to engage in gainful employment, and receiving disability benefits or any other compensation under any federal or State law.
“Senior citizen” means any resident of this State of the age of 62 or over.
“Low and Moderate Income Housing” means any residential premises, or part thereof, affordable according to Federal Department of Housing and Urban Development or other recognized standards for home ownership and rental costs occupied or reserved for occupancy by households with a gross income equal to 80% or less of the median gross household income for households of the same size within the housing region in which the housing is located, but shall include only those residential premises subject to resale controls pursuant to contractual guarantees.
“Resident of the State of New Jersey” means any claimant who is legally domiciled in this State when the transfer of the subject property is made. Domicile is what the claimant regards as the permanent home to which he intends to return after a period of absence. Proofs of domicile include a New Jersey voter registration, motor vehicle registration and driver’s license, and resident tax return filing.
10. TRANSFERS OF NEW CONSTRUCTION
“New construction” means any conveyance or transfer of property upon which there is an entirely new improvement not previously occupied or used for any purpose. On transfers of new construction, the words “NEW CONSTRUCTION” shall be printed clearly at the top of the first page of the deed, and an Affidavit by the grantor stating that the transfer is of property upon which there is new construction shall be appended to the deed.
11.REALTY TRANSFER FEE IS A FEE IN ADDITION TO OTHER RECORDING FEES
The county recording officer is required to collect the Realty Transfer Fee at the time the deed is offered for recording/transfer.
12.PENALTY FOR WILLFUL FALSIFICATION OF CONSIDERATION AND TRANSFERS OF NEW CONSTRUCTION
Any person who knowingly falsifies the consideration recited in a deed or in the proof or acknowledgement of the execution of a deed or in an affidavit annexed to a deed declaring the consideration therefor or a declaration in an affidavit that a transfer is exempt from recording fee is guilty of a crime of the fourth degree (P.L. 1991, c. 308, effective June 1, 1992). Grantors conveying title of new construction who fail to subscribe and append to the deed an affidavit to that effect in accordance with the provisions of subsection c. of section 2 of P.L. 1968, c. 49
13.COUNTY/MUNICIPAL CODES
County/Municipal codes may be found at http://www.state.nj.us/treasury/taxation/pdf/lpt/cntycode.pdf.
14.LEGAL ENTITIES TRANSFERRING NEW JEREY REAL ESTATE TO RELATED LEGAL ENTITIES
Legal entities transferring New Jersey real estate to related legal entities are not exempt from the Realty Transfer Fee if the consideration, as defined in the law, is $100 or more. Such consideration includes the actual amount of money and/or the monetary value of any other thing of value constituting the entire compensation paid, such as the dollar value of stock included in the transaction or any enhancement to or contribution to the capital or either legal entity resulting from the transfer, or remaining balances of any prior mortgage to which the property is subject or which is assumed and agreed to be paid by the grantee and any other lien or encumbrance not paid, satisfied or removed in connection with the transfer of title.
Document Features
| Fact | Description |
|---|---|
| Purpose | The New Jersey Affidavit of Consideration for Use by Seller (RTF-1) form is used to report the consideration amount in a real estate transfer, facilitating the correct assessment of the Realty Transfer Fee. |
| Applicability | This form is required for all real estate sales in New Jersey, unless specifically exempted under state law. |
| Filing Requirement | The RTF-1 form must be filed with the county recording officer at the time of recording the deed. |
| Governing Law | The form is governed by the New Jersey Administrative Code Title 18:16-1.1 to 18:16-8.2, which establishes the guidelines and requirements for the Realty Transfer Fee. |
| Associated Fees | Realty Transfer Fees are calculated based on the consideration amount reported on the RTF-1 form, and the rates are set by New Jersey state law. |
How to Use New Jersey Affidavit of Consideration RTF-1
After property sale transactions in New Jersey, one important step toward completion involves filling out the Affidavit of Consideration RTF-1 form. This document is crucial for correctly recording the consideration or sales price exchanged during the property transaction. It's used importantly for tax purposes and to comply with state regulations. Ensuring that this form is filled out accurately and submitted properly is key to avoiding potential roadblocks in the property transfer process. The following steps provide guidance on how to accurately complete the form.
- Start by accurately entering the county and municipality where the property is located in the designated spaces at the top of the form.
- In the section labeled "Seller/Granter Information," fill out the full legal names of all sellers or granters, their addresses, and indicate whether each is an individual, corporation, or other entity type.
- Proceed to the "Buyer/Grantee Information" section. Here, include the complete legal names of all buyers or grantees, alongside their addresses, specifying if they are an individual, corporation, or fall under another type of entity.
- In the "Property Information" section, clearly write the lot and block numbers, the street address, the municipality, and the county in which the property is located. Include the property's dimensions or acreage and the type of property it is (residential, commercial, etc.).
- Under the "Consideration" section, enter the full amount paid for the property. This includes the sale price, any mortgages assumed or taken by the buyer, and other relevant financial adjustments affecting the total consideration for the property.
- If applicable, complete the section regarding "Seller Assisted Financing," providing details about any financing provided by the seller to the buyer as part of the transaction.
- Check if there are any declarations under the "Affidavit Declaration" part pertaining to your specific situation, including adjustments, seller concessions, personal property exclusions, or other relevant declarations that might affect the consideration amount.
- The seller or seller's authorized agent and the buyer or buyer's authorized agent must sign and date the form in the designated areas. Ensure that all information provided is accurate and truthful to the best of your knowledge.
- Finally, contact your county's recording office to determine if additional documents need to accompany the RTF-1 form, the correct filing fee, and where to submit the completed form. Include any required attachments as specified by the county office.
Once the Affidavit of Consideration RTF-1 form is completed and submitted, the county office will process the information, which is an essential step in the official recording of the property transaction. Timely and accurate filing is paramount to ensure compliance with New Jersey's real estate regulations and to facilitate a smooth transition of property ownership. Remember, reviewing all information for accuracy before submission can help prevent delays or complications in the property transfer process.
Listed Questions and Answers
What is the New Jersey Affididavit of Consideration RTF-1 form?
The New Jersey Affidavit of Consideration RTF-1 form is a document used in real estate transactions. It's required by the state of New Jersey to report the consideration or the price paid for a property. This affidavit must be filed with the county clerk's office when a deed is recorded, ensuring that the correct amount of Realty Transfer Fee (RTF) is paid based on the sale price of the property.
When do I need to file this form?
This form must be filed at the time of recording the deed. It's a critical part of the documentation needed to legally transfer property ownership and calculate the RTF owed. Delay in filing can result in penalties or complications in the property transfer process.
Who is responsible for completing the RTF-1 form?
Typically, the seller's attorney or a title agent handles the completion of the RTF-1 form as part of the closing documents. However, it's ultimately the responsibility of the seller of the property to ensure that the form is accurately completed and submitted.
What information do I need to provide on the RTF-1 form?
The form requires detailed information about the property transaction, including:
- The sale price of the property
- The date of the transaction
- Full names and addresses of both buyer and seller
- Property identification such as block and lot number
- Type of deed
- Exemption codes if the transaction is exempt from the RTF
Is there a fee associated with filing the RTF-1 form?
No, there is no fee for filing the RTF-1 form itself. However, the form is used to calculate the applicable Realty Transfer Fee (RTF), which is based on the property's sale price. The RTF must be paid at the time of filing.
Are there any exemptions to the RTF that I should be aware of?
Yes, there are several exemptions to the RTF. Some common exemptions include:
- Transfers between spouses or parent and child
- Transfers of property where no consideration is given
- Certain transfers of property to governmental entities
It's important to consult with a legal or real estate professional to determine if your transaction qualifies for an exemption.
What happens if I make a mistake on the RTF-1 form?
If a mistake is found on the RTF-1 form after it's been filed, it's vital to correct it as soon as possible. This typically involves submitting an amended form with the correct information and an explanation of the correction. Incorrectly reporting the sale price or providing inaccurate information can lead to penalties or interest charges.
Common mistakes
Filing the New Jersey Affidit of Consideration for Use by Seller (RTF-1) is a crucial step in the process of transferring property. However, individuals often encounter pitfalls that can lead to errors on the form. Here is an overview of common mistakes made:
- Not providing full and accurate information about all parties involved in the transaction. It's essential to include complete names and addresses of both the buyer and the seller to ensure the form is processed correctly.
- Overlooking the requirement to detail the full consideration amount. This figure should reflect the total value exchanged for the property, including but not limited to cash, remaining mortgage balances, and any other assets.
- Forgetting to specify the type of transaction. The RTF-1 form requires clarification whether the sale is a standard transaction, a partial sale, or a transfer that involves a trust. This distinction is critical for accurate tax assessment.
- Miscalculating adjustments. Adjustments such as prorated taxes or homeowner association fees must be accurately accounted for and reflected in the consideration amount.
- Failing to attach necessary documentation. Depending on the nature of the transaction, additional documents such as contracts or statements of value might be required. Neglecting to include these can delay processing.
- Omitting information about existing mortgages. If the property is not fully paid off and there is an outstanding mortgage that will not be discharged at the time of sale, this must be clearly stated on the form.
- Incorrectly signing or notarizing the form. The RTF-1 must be signed by all parties involved in the transaction and notarized. An improperly signed or notarized form is invalid and can result in rejection.
By paying close attention to these details, individuals can avoid common errors and ensure their RTF-1 form is filled out correctly and processed without unnecessary delays.
Documents used along the form
When diving into the process of property transfer in New Jersey, the Affidavit of Consideration for Use by Seller (RTF-1) form is just the tip of the iceberg. This document is crucial for reporting the sale price of the property to ensure the proper Realty Transfer Fee is calculated and paid. However, the journey doesn't end there. To complete a transaction, several additional documents come into play, each serving a unique purpose in the real estate puzzle. Let's explore some of these essential forms and documents that often accompany the RTF-1 form.
- Deed - The cornerstone of any property transaction, the deed is the legal document that transfers ownership from the seller to the buyer. It contains vital information such as the identities of the buyer and seller, a detailed description of the property, and the signature of the person transferring the property.
- Seller's Residency Certification/Exemption (GIT/REP Forms) - These forms are necessary for tax purposes. They certify the seller's residency status and determine whether the seller is exempt from withholding a portion of the sale proceeds for New Jersey Gross Income Tax.
- Property Tax Clearance Certificate - Before a sale can go through, this certificate is required to prove that all municipal property taxes have been paid up to date. It ensures that the buyer does not inherit any unexpected tax liabilities.
- Settlement Statement (HUD-1) - This document itemizes all costs, fees, and adjustments for the buyer and seller during the closing process of a real estate transaction. It provides a detailed financial picture of the transaction.
- Mortgage and Note - If the purchase involves obtaining a mortgage, these documents outline the terms of the loan, including the loan amount, interest rate, payment schedule, and terms and conditions of the mortgage agreement.
- Title Insurance Policy - Serving as a safeguard, the title insurance policy protects the buyer and the mortgage lender from potential losses caused by disputes over property ownership, liens, or other clouds on the title.
Navigating through the legal requirements of a real estate transaction in New Jersey can seem daunting. However, with a clear understanding of the significance of each document, including the RTF-1 form and others mentioned above, individuals can ensure a smoother transfer process. It's always advisable to consult with a professional to ensure all paperwork is correctly completed and submitted, paving the way for a successful real estate transaction.
Similar forms
The New Jersey Affidavit of Consideration RTF-1 form is similar to other documents used in the process of real estate transactions, particularly those that deal with the reporting and tax assessment aspects. While the RTF-1 form is specific to New Jersey and focuses on the consideration paid for a real estate transaction for the purpose of calculating the Realty Transfer Fee, there are comparable documents in other jurisdictions and related contexts. Each of these documents serves a unique role in ensuring transparency, legality, and proper taxation during property transfers.
One such document similar to the New Jersey Affidavit of Consideration RTF-1 form is the HUD-1 Settlement Statement. This form was commonly used in real estate transactions across the United States before being replaced by the Closing Disclosure form for most residential property transactions. The HUD-1 Settlement Statement details the financial breakdown of the transaction between the buyer and seller. Similar to the RTF-1, the HUD-1 facilitates clear reporting for taxation and fees associated with the transaction, although it encompasses a broader scope, including loan and closing costs.
Another document with similarities to the New Jersey Affidavit of Consideration RTF-1 form is the Closing Disclosure form now used in most residential real estate transactions in the United States. This form, which replaced the HUD-1 Settlement Statement for transactions involving a mortgage, provides a detailed account of all financial aspects of the transaction. Like the RTF-1, the Closing Disclosure is crucial for the accurate recording and reporting of financial details related to property transfers, ensuring parties understand the fees, taxes, and other charges involved.
Dos and Don'ts
When completing the New Jersey Affidavit of Consideration RTF-1 form, it's important to follow a specific set of guidelines. This will ensure that the process is both smooth and compliant with local regulations. Below are some key dos and don'ts to keep in mind:
Do:
- Read the instructions carefully before you start filling out the form.
- Verify all the information to ensure it's accurate and up-to-date.
- Use a black or blue pen for clarity and legibility.
- Include all required sections, such as the full names and addresses of both the buyer and the seller.
- State the consideration amount clearly, in both numbers and words, if required.
- Sign and date the form in the designated sections.
- Keep a copy of the completed form for your records.
- File the form with the county clerk's office within the required timeframe.
- Consult a professional if you have any questions or uncertainties.
- Ensure all parties involved have reviewed the form before submission.
Don't:
- Don’t overlook any sections; incomplete forms may be rejected.
- Don’t use pencil, as it can smudge or be altered easily.
- Don’t guess on the details—verify everything for accuracy.
- Don’t leave the consideration amount blank or ambiguous.
- Don’t forget to include any additional documents that may be required.
- Don’t sign the form without ensuring all information is correct.
- Don’t submit the form without ensuring all parties have reviewed it.
- Don’t ignore the deadline for filing, as late submissions may incur penalties.
- Don’t hesitate to ask for help from a professional if you’re unsure about any part of the process.
- Don’t forget to check whether an electronic filing is an option, as it may save time.
By adhering to these guidelines, you'll be better equipped to complete the New Jersey Affidavit of Consideration RTF-1 form accurately and efficiently. Remember, when in doubt, seeking assistance from someone with experience can help avoid common pitfalls.