Form 593-I - Real Estate Withholding Installment Sale Agreement - 2006
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Real Estate Withholding Installment Sale Agreement
CALIFORNIA FORM
2006
593-I
(This form can only be completed by the buyer. This is not a remittance document.)
Part I – Buyer’s Information
Return this form to your escrow company.
Name (include spouse, if jointly purchased – see instructions – type or print)
Social security number (SSN)
Spouse’s SSN (if jointly purchased)
Address (number and street)
Private Mailbox no.
CA Corporation number
FEIN
City
State
ZIP Code
Daytime telephone number
Note: If you do not furnish your tax ID
(
)
number, this agreement is void.
Property address (if no street address, provide parcel number and county)
Ownership percentage
.
%
Part II – Seller’s Information
Name (include spouse, if jointly owned – see instructions – type or print)
Social security number (SSN)
Spouse’s SSN (if jointly owned)
Mailing address (street)
Private Mailbox no.
CA Corporation no.
FEIN
City
State
ZIP Code
Note: If you do not furnish the seller’s tax ID
number, this agreement is void.
Part III – Installment Agreement
Attach a copy of the signed promissory note (showing the installment payment requirement) to this form.
Part IV – Buyer’s Agreement to Withhold (Be sure to read the “Buyer” information below before you sign.)
Under penalties of perjury, I hereby agree to withhold on each principal payment for the above shown California real property to the above seller at
the rate of 3
1
/
percent of each principal payment. I will complete Form 593, Real Estate Withholding Remittance Statement, and Form 593-B, Real
3
Estate Withholding Tax Statement, for each principal payment and send one copy of each to the Franchise Tax Board with the withholding payment
and give two copies of Form 593-B to the seller. I will send each withholding payment by the 20th day of the month following the month of the
installment payment. If the terms of the installment sale, promissory note, or payment schedule change, I will promptly inform the Franchise Tax
Board. I understand that completing and signing this form will subject me to withholding penalties if I do not withhold on each principal payment
and do not send the withholding, with Forms 593 and 593-B, to the Franchise Tax Board by the due date or I do not send two copies of Form 593-B
to the seller by the due date.
Buyer's name
(if the buyer is not an individual, buyer’s agent’s name and title) (type or print) ______________________________________________________________________________________________
Buyer's signature ___________________________________________________________________________ Date: ______________________
Buyer’s spouse's name (if on title) __________________________________________________________________________________________
Buyer’s spouse's signature (if applicable) ________________________________________________________ Date: ______________________
Buyer: If you sign this agreement, make a copy of this form. Make sure you copy the back so you will have the instructions for withholding on
subsequent payments. Give the original, with a copy of the promissory note, to your escrow officer. Your escrow officer will withhold on
the down payment. You must withhold on all subsequent principal payments (including payoff or balloon payments). Do not complete this
form unless you are willing to withhold 3
1
/
percent, complete Forms 593 and 593-B, and mail the forms and payment to the Franchise Tax
3
Board for each principal payment.
Note: This agreement is between the buyer and the Franchise Tax Board. Neither the seller nor the buyer may modify the terms of the
agreement.
If you choose not to sign this agreement, instruct your escrow officer to withhold the full 3
1
/
percent of the total sales price. You will not be
3
required to withhold on subsequent installment payments.
Escrow Officer:
If this is an installment sale and the buyer has agreed to withhold on each principal payment instead of withholding on the full
amount at the time of transfer, withhold only on the down payment in escrow. Make a copy of this form for your records. Attach
the original Form 593-I and a copy of the promissory note to Form 593-B and send to Franchise Tax Board with Form 593 and the
withholding payment.
I
593I05103
Form 593-
2005
C2
For Privacy Act Notice, get form FTB 1131.
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