California Form 593-I - Real Estate Withholding Installment Sale Agreement - 2007
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Real Estate Withholding Installment Sale Agreement
YEAR
CALIFORNIA FORM
2007
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)
SSN or ITIN
Spouse’s SSN or ITIN (if jointly purchased)
CA Corp. no. FEIN
Address (number and street, PO Box, rural route, apt. no., or PMB no.)
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)
SSN or ITIN
Spouse’s SSN or ITIN (if jointly owned)
CA Corp. no. FEIN
Mailing address (number and street, PO Box, rural route, apt. no., or PMB no.)
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. If the seller has elected and certified an
alternative withholding amount, attach an executed copy of seller’s certification of Form 593-B, Real Estate Withholding Tax Statement.
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
/
% of each principal payment, or the installment withholding percentage specified by seller according to box 9 of seller’s election and
1
3
certification on Form 593-B, Real Estate Withholding Tax Statement. I will complete Form 593, Real Estate Withholding Remittance Statement, and
Form 593-B for each principal payment and send one copy of each to the Franchise Tax Board along with the withholding payment, and give two copies
of Form 593-B to the seller. I will send each withholding payment to the Franchise Tax Board 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 the Franchise Tax Board may review relevant escrow documents to ensure withholding compliance. I also 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 along with
Forms 593 and 593-B to the Franchise Tax Board by the due date, or if 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 along with copies of the promissory note and seller’s certified Form 593-B to your escrow officer who
should mail them in to the Franchise Tax Board. Your escrow officer will withhold on the first installment payment. You must withhold on all
subsequent principal payments (including payoff or balloon payments). Do not complete this form unless you are willing to either withhold
3
/
% for each installment payment or the installment withholding percentage specified by seller according to box 9 of seller’s election and
1
3
certification on Form 593-B, Real Estate Withholding Tax Statement. Complete Forms 593 and 593-B, and mail the forms and payment to the
Franchise Tax 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 either the full 3
/
% of the total sales price or the alternative
1
3
withholding amount certified by seller on box 8 of Form 593-B. You will not be 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 first installment payment in escrow. Make a copy of this form for your records.
Attach the original Form 593-I, a copy of the promissory note, and seller’s certified Form 593-B, and send to Franchise Tax Board
with Form 593 and the withholding payment.
Form 593-
I
2006
7141063
C2
For Privacy Notice, get form FTB 1131.
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