Installment Sales

(b) Withholding Amount. If the Transferor elects to have withholding apply only to the initial payment, the withholding amount for such payment shall be the amount calculated pursuant to 830 CMR 62B.2.4(3) using the portion of the Transferor’s share of the Gross Sales Price that is allocated to that payment based on the proportion the payment bears to the Transferor’s share of the total Gross Sales Price.

(c) Timing of Payment . The initial withholding return and payment are due within 10 days of Closing.

(d) Transition Rule. If Real Estate has been sold under the installment method prior to the date provided in 830 CMR 62B.2.4(1), withholding is not required on payments that are received after that date.

(8) Transferor’s Certification

A Transferor shall execute a Transferor’s Certification and provide the certification to the Withholding Agent in any case where the Gross Sales Price for a Transfer equals or exceeds the Withholding Threshold. The Transferor shall use the Transferor’s Certification to provide information, as required by the Commissioner, necessary for the Withholding Agent to determine the withholding amount required under 830 CMR 62B.2.4(3)(c) or (d). The Transferor shall also use the Transferor’s Certification to make representations, if any, that the Transferor is exempt from withholding or that withholding is reduced or is not required. The Withholding Agent may rely upon the information provided in the Transferor’s Certification if it takes the Transferor’s Certification in good faith. In the absence of evidence of bad faith, a Withholding Agent may presume that a Transferor’s Certification has been executed in good faith.