Fill Your Michigan 2766 Template

The Michigan 2766 form is a mandatory Property Transfer Affidavit required by the Michigan Department of Treasury whenever real estate or certain personal property is transferred. This form must be filed by the new owner with the local assessor within 45 days of the transfer, ensuring that all pertinent information regarding the transaction is documented. Understanding the details and requirements of this form is essential for a smooth property transfer process.

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Documents used along the form

The Michigan 2766 form, officially known as the Property Transfer Affidavit, is a crucial document that must be filed whenever there is a transfer of real estate or certain types of personal property in Michigan. Alongside this form, several other documents may be required to ensure a smooth property transfer process. Here is a list of commonly used forms and documents that often accompany the Michigan 2766 form.

Deed: A legal document that formally transfers ownership of real estate from one party to another. It includes details about the property and the parties involved.
Land Contract: A contractual agreement between a buyer and seller where the buyer makes payments directly to the seller for the property over time, rather than obtaining a mortgage from a bank.
Title Insurance Policy: This policy protects the buyer and lender from any issues related to the title of the property, such as liens or ownership disputes that may arise after the purchase.
Closing Statement: A document that outlines the final financial details of the transaction, including the purchase price, closing costs, and any adjustments made at closing.
Property Disclosure Statement: A document provided by the seller that outlines any known issues with the property, such as structural problems or past repairs, to inform the buyer before the sale.
Florida Motor Vehicle Bill of Sale: This document is crucial in the transfer of vehicle ownership in Florida, serving as proof of purchase and ensuring a legal transaction. For additional details on filling out the form, the document is available here.
Affidavit of Identity: A sworn statement that verifies the identity of the parties involved in the transaction, often required to prevent fraud.
Mortgage Documents: If the buyer is financing the purchase, these documents outline the terms of the loan, including interest rates and repayment schedules.
Certificate of Occupancy: This document certifies that the property meets local building codes and is safe for occupancy, often required for new constructions or significant renovations.
Transfer Tax Form: A form that calculates the transfer tax due upon the sale of the property, which is typically paid at closing.

Understanding these documents is essential for anyone involved in a property transfer in Michigan. Each plays a specific role in ensuring that the transaction is legally sound and that all parties are protected. Proper preparation and attention to detail can help avoid complications during the transfer process.

Michigan 2766 Preview

Michigan Department of Treasury	L-4260
2766 (Rev. 01-15)

Property Transfer Afidavit

This form is issued under authority of P.A. 415 of 1994. Filing is mandatory.

This form must be iled whenever real estate or some types of personal property are transferred (even if you are not recording a deed). The Afidavit must be iled by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer. The information

on this form is NOT CONFIDENTIAL.

1.	Street Address of Property				2. County			3. Date of Transfer (or land contract signed)

4.	Location of Real Estate (Check appropriate ield and enter name in the space				below.)	5.	Purchase Price of Real Estate
		City	Township	Village
		City	Township	Village
						6.	Seller’s (Transferor) Name

7.	Property Identiication Number (PIN). If you don’t have a PIN, attach legal description.					8.	Buyer’s (Transferee) Name and Mailing Address
PIN. This number ranges from 10 to 25 digits. It usually includes hyphens and sometimes includes
letters. It is on the property tax bill and on the assessment notice.

						9.	Buyer’s (Transferee) Telephone Number

Items 10 - 15 are optional. However, by completing them you may avoid further correspondence.

10.Type of Transfer. TRANSFERS include deeds, land contracts, transfers involving trusts or wills, certain long-term leases and interest in a business. See page 2 for list.

Land Contract

Lease

Deed

Other (specify) _______________________

11. Was property purchased from a inancial institution?

12. Is the transfer between related persons?

13. Amount of Down Payment

Yes

14. If you inanced the purchase, did you pay market rate

of interest?

15. Amount Financed (Borrowed)

Yes

EXEMPTIONS

Certain types of transfers are exempt from uncapping. If you believe this transfer is exempt, indicate below the type of exemption you are claiming. If you claim an exemption, your assessor may request more information to support your claim.

Transfer from one spouse to the other spouse

Change in ownership solely to exclude or include a spouse

Transfer between certain family members *(see page 2)

Transfer of that portion of a property subject to a life lease or life estate (until the life lease or life estate expires)

Transfer to effect the foreclosure or forfeiture of real property

Transfer by redemption from a tax sale

Transfer into a trust where the settlor or the settlor’s spouse conveys property to the trust and is also the sole beneiciary of the trust Transfer resulting from a court order unless the order speciies a monetary payment

Transfer creating or ending a joint tenancy if at least one person is an original owner of the property (or his/her spouse)

Transfer to establish or release a security interest (collateral)

Transfer of real estate through normal public trading of stocks

Transfer between entities under common control or among members of an afiliated group Transfer resulting from transactions that qualify as a tax-free reorganization

Transfer of qualiied agricultural property when the property remains qualiied agricultural property and afidavit has been iled. Transfer of qualiied forest property when the property remains qualiied forest property and afidavit has been iled.

Transfer of land with qualiied conservation easement (land only - not improvements)

Other, specify: __________________________________________________________________________________________________

CERTIFICATION

I certify that the information above is true and complete to the best of my knowledge.

Signature

Date

Name and title, if signer is other than the owner

Daytime Phone Number

E-mail Address

2766, Page 2

Instructions:

This form must be iled when there is a transfer of real property or one of the following types of personal property:

•Buildings on leased land.

•Leasehold improvements, as deined in MCL Section 211.8(h).

•Leasehold estates, as deined in MCL Section 211.8(i) and (j).

Transfer of ownership means the conveyance of title to or a present interest in property, including the beneicial use of the property. For complete descriptions of qualifying transfers, please refer to MCL Section 211.27a(6)(a-j).

Excerpts from Michigan Compiled Laws (MCL), Chapter 211

*Section 211.27a(7)(t): Beginning December 31, 2014, a transfer of residential real property if the transferee is the transferor’s or the transferor’s spouse’s mother, father, brother, sister, son, daughter, adopted son, adopted daughter, grandson, or granddaughter and the residential real property is not used for any commercial purpose following the conveyance. Upon request by the department of treasury or the assessor, the transferee shall furnish proof within 30 days that the transferee meets the requirements of this subparagraph. If a transferee fails to comply with a request by the department of treasury or assessor under this subparagraph, that transferee is subject to a ine of $200.00.

Section 211.27a(10): “... the buyer, grantee, or other transferee of the property shall notify the appropriate assessing ofice in the local unit of government in which the property is located of the transfer of ownership of the property within 45 days of the transfer of ownership, on a form prescribed by the state tax commission that states the parties to the transfer, the date of the transfer, the actual consideration for the transfer, and the property’s parcel identiication number or legal description.”

Section 211.27(5): “Except as otherwise provided in subsection (6), the purchase price paid in a transfer of property

is not the presumptive true cash value of the property transferred. In determining the true cash value of transferred property, an assessing oficer shall assess that property using the same valuation method used to value all other property of that same classiication in the assessing jurisdiction.”

Penalties:

Section 211.27b(1): “If the buyer, grantee, or other transferee in the immediately preceding transfer of ownership of property does not notify the appropriate assessing ofice as required by section 27a(10), the property’s taxable value shall be adjusted under section 27a(3) and all of the following shall be levied:

(a)Any additional taxes that would have been levied if the transfer of ownership had been recorded as required under this act from the date of transfer.

(b)Interest and penalty from the date the tax would have been originally levied.

(c)For property classiied under section 34c as either industrial real property or commercial real property, a penalty in the following amount:

(i)Except as otherwise provided in subparagraph (ii), if the sale price of the property transferred is $100,000,000.00 or less, $20.00 per day for each separate failure beginning after the 45 days have elapsed, up to a maximum of $1,000.00.

(ii)If the sale price of the property transferred is more than $100,000,000.00, $20,000.00 after the 45 days have elapsed.

(d)For real property other than real property classiied under section 34c as industrial real property or commercial real property, a penalty of $5.00 per day for each separate failure beginning after the 45 days have elapsed, up to a maximum of $200.00.

Similar forms

The Michigan 2766 form, officially known as the Property Transfer Affidavit, is essential for reporting the transfer of real estate or certain types of personal property. Several other documents serve similar purposes in the realm of property transactions. Here are five documents that share similarities with the Michigan 2766 form:

IRS Form 1099-S: This form is used to report the sale or exchange of real estate. Like the Michigan 2766, it requires details about the transaction, including the date of transfer and the amount received. Both documents ensure that the appropriate authorities are informed of property transfers for tax purposes.
Property Deed: A property deed formally conveys ownership from one party to another. Similar to the Michigan 2766, a deed includes information about the buyer and seller, the property description, and the date of transfer. Both documents are crucial in establishing legal ownership of real estate.
Michigan Form L-4260: This is another property transfer affidavit specifically for Michigan. It serves the same purpose as the Michigan 2766, requiring information about the property and the parties involved in the transaction. Both forms must be filed within a specific timeframe after the transfer.
Recommendation Letter form: This essential document is crucial for providing professional or academic references, similar to how property transfer forms function. For more information on how to properly fill out your form, visit legalpdf.org/.
Quitclaim Deed: A quitclaim deed transfers any interest the grantor has in the property without making any guarantees about the title. While it does not require as much information as the Michigan 2766, it still documents the transfer of property ownership and serves as a public record of the transaction.
Land Contract: A land contract is an agreement between a buyer and seller for the purchase of property where the seller retains the title until the buyer pays the full purchase price. Similar to the Michigan 2766, it outlines the terms of the transfer and requires the buyer to file necessary documentation with local authorities.

Misconceptions

When dealing with the Michigan 2766 form, misconceptions can lead to confusion and potential issues. Here are four common misunderstandings about this property transfer affidavit:

Filing the form is optional. Many people believe that submitting the Michigan 2766 form is optional. In reality, filing is mandatory whenever there is a transfer of real estate or certain personal property. Failure to file can lead to penalties.
Only the buyer needs to file the form. Some assume that only the new owner (the buyer) is responsible for filing the form. However, it is the buyer's duty to submit the affidavit to the local assessor, but the seller also has a role in providing accurate information for the form.
The information on the form is confidential. There is a misconception that the details provided on the Michigan 2766 form are confidential. This is not the case; the information is public and can be accessed by anyone interested.
All transfers require the same information. People often think that all property transfers require the same set of details on the form. While most transfers will need basic information like the purchase price and property identification number, some transfers may have different requirements or exemptions that apply.

Understanding these misconceptions can help ensure compliance with Michigan's property transfer laws and avoid unnecessary complications.

Detailed Instructions for Using Michigan 2766

Filling out the Michigan 2766 form is an important step when transferring property. Once you have completed the form, you will need to submit it to the local assessor's office within 45 days of the transfer. This ensures that the property records are updated accurately.

Begin by entering the Street Address of the Property.
Select the County where the property is located.
Fill in the Date of Transfer or the date the land contract was signed.
Indicate the Location of Real Estate by checking the appropriate box (City, Township, Village) and writing the name in the space provided.
Enter the Purchase Price of Real Estate.
Provide the Seller’s (Transferor) Name.
Input the Property Identification Number (PIN). If you don’t have a PIN, attach a legal description of the property.
Fill in the Buyer’s (Transferee) Name and Mailing Address.
Include the Buyer’s (Transferee) Telephone Number.
For items 10-15, answer the optional questions to help avoid further correspondence.
Indicate the Type of Transfer (e.g., Land Contract, Lease, Deed, etc.).
Answer whether the property was purchased from a financial institution.
State if the transfer is between related persons.
Provide the Amount of Down Payment.
Indicate if you paid market rate of interest for the financed purchase.
Fill in the Amount Financed (Borrowed).
If applicable, specify the type of exemption you are claiming.
Finally, certify the information by signing and dating the form. Include your name and title if you are not the owner, along with a daytime phone number and email address.

Dos and Don'ts

When filling out the Michigan 2766 form, there are several important dos and don'ts to keep in mind. Following these guidelines can help ensure that your form is completed accurately and submitted on time.

Do complete the form within 45 days of the property transfer.
Do provide accurate information, especially regarding the property address and identification number.
Do include your contact information, including a daytime phone number and email address.
Do check the appropriate boxes for the type of transfer to avoid confusion.

Don't leave any required fields blank; incomplete forms may be rejected.
Don't forget to sign and date the form before submission.
Don't assume that optional fields can be ignored; completing them can prevent future correspondence.
Don't submit the form without double-checking for errors or missing information.