When a property changes ownership, a deed is used to complete the transfer. Deeds are then filed on record with the county clerk. Some states require additional transfer forms to accompany deeds submitted for recording. Georgia uses the PT-61 form. All deeds must have a PT-61 form attached to be recorded in Georgia.
Georgia also imposes a real estate transfer tax on property transfers. The rate is based on the sales price of the property at $1 per the first $1000, and $.10 per each additional $100 of the sales price. For example, a property sold for $100,000 would incur a transfer tax of $100. The PT-61 transfer form states the seller and buyers information, the sales price and calculates the tax owed. There is a section of the form to choose an exemption code, if one applies. The form is used by the clerk of the circuit court to keep track of transfer taxes paid and owed, as well as who to send the property tax bill to once the transfer is complete.
The PT-61 form can be completed online, using the Georgia Superior Clerks Cooperative Authority's e-filing system. Once it is complete, a receipt is printed to submit with the deed. The PT-61 form requires the seller and buyers information, including full names and addresses. Information about the property is required as well. This includes a property address, the county the property is located in and a map parcel number. The map parcel number is found on the legal description on the deed.
The e-filing system for the PT-61 form automatically calculates the tax owed on the property transfer. Section D of the form requires the sales price to be entered. If there are other factors affecting the sale, including the value of personal property or amount of liens, enter those in the respective fields. When all the information is entered, the form will compute the tax due and give a total.
Georgia offers a few exemptions to the transfer tax. The exemption is selected from a drop down list on the tax computation portion of the PT-61 e-filing form. Transfers exempt from transfer tax include deed in lieu of foreclosure, deed of correction, divorce associated deeds, transfers to government or non profit organizations, sheriff's deeds and a few others. If the transfer qualifies for one of these exemptions, no tax will be due. However, the PT-61 form still needs to be submitted with the deed.