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DIVISION OF PURCHASE & PROPERTY CONTRACT COMPLIANCE & AUDIT UNIT STATE CONTRACT MANAGER TRAINING COURSE Page 1 of 10I. PURPOSE Pursuant to Circular Letter titled State Contract Manager, the Director
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01
Begin by gathering all the necessary information such as the name and address of the buyer, seller, and the property being purchased.
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Next, carefully review the terms and conditions of the purchase agreement to understand the division of costs between the buyer and seller.
03
Fill out the designated sections of the division of purchase amp form, ensuring that all relevant details are accurately recorded.
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Clearly state the amount or percentage of the purchase price that each party will be responsible for and specify the items or expenses that will be included in the division.
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Once completed, sign the division of purchase amp form along with the counterparty involved in the transaction.
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Keep a copy of the filled-out form for your records and provide a copy to the other party as well.

Who needs division of purchase amp?

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Homebuyers who are purchasing a property and want to accurately divide the costs with the seller.
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Real estate agents or brokers who handle property transactions and need to document the division of expenses.
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Sellers who want to establish a clear understanding with the buyer regarding the distribution of costs related to the purchase.

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Division of purchase amp is a form used to report transactions between related parties which may impact the tax liabilities of the parties involved.
Any entity that is involved in transactions with related parties and meets the reporting threshold is required to file division of purchase amp.
Division of purchase amp can be filled out by providing detailed information about the transactions, related parties involved, and the impact on tax liabilities.
The purpose of division of purchase amp is to ensure transparency in transactions between related parties and to prevent tax avoidance.
Information such as transaction details, related party information, and the tax implications of the transactions must be reported on division of purchase amp.
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