Tax Type
Property Tax
Description
Nonresident Real Property Owner Registration
Topic
Property Subject to Tax
Date Issued
10-08-1991
October 8, 1991
Re: Request for Ruling: Nonresident Real Property Owner Registration
Dear******************
This will reply to your letter of March 18, 1991, requesting a ruling on how Va. Code §58.1-317 applies to relocation companies.
You represent relocation companies whose main function is to handle the transfer of employees by their employers. The usual custom is to have the employee agree to convey the property to the relocation company or to a future purchaser, whenever the future purchaser is determined. The employee who is being transferred is paid the equity in his home to enable him to purchase a new home at his new place of employment. The actual record title of the owner will remain in the transferee until such time as a new purchaser is acquired. When the property is finally sold and is re-conveyed to the new owner, the deed will be recorded. Assuming that the original owner did not remain in the State of Virginia for at least one hundred eighty days, you request a ruling on the closing attorney's responsibility to fulfill the requirements of the nonresident real property owner registration.
RULING
A prior ruling of the Commissioner P.D. 91-21 (2/25/91), (copy enclosed) details the registration reporting responsibilities as they relate to transactions handled through relocation services. Although the fact pattern presented in this previous ruling is not identical to the situation which you have described, the ruling addresses your concerns.
I hope that the foregoing has responded to your inquiries. However, if you need further assistance, please contact the department. We will ensure that you receive a copy of the first exposure draft of the regulation, which is scheduled to be distributed in November 1991
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner