The following transfers are exempt from the provisions of this chapter:

Terms Used In Rhode Island General Laws 5-20.8-3

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Decedent: A deceased person.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • person: extends to and includes co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Probate: Proving a will
  • Real estate: means vacant land or real property and improvements consisting of a house or building containing one to four (4) dwelling units. See Rhode Island General Laws 5-20.8-1
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Transfer: means the sale or conveyance, exchange of, or option to purchase any real estate. See Rhode Island General Laws 5-20.8-1
  • Trustee: A person or institution holding and administering property in trust.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.

(1) Transfer pursuant to a court order, including, but not limited to, transfer ordered by a probate court in administration of an estate, transfer pursuant to a writ of execution, transfer by a trustee in bankruptcy, transfer by eminent domain, and transfer resulting from a decree for specific performance;

(2) Transfer to a mortgagee by a mortgagor or pursuant to a foreclosure sale, or transfer by a mortgagee who has so acquired the real estate;

(3) Transfer by a fiduciary in the course of the administration of a decedent‘s estate, guardianship, conservatorship, or trust;

(4) Transfer from one co-owner to one or more other co-owners;

(5) Transfer made to a spouse, or to a person or persons in the lineal line of consanguinity of one or more of the transferors;

(6) Transfer between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to that decree;

(7) Transfer from any governmental entity;

(8) Transfer of any new unoccupied dwelling unit from a builder or developer;

(9) Transfer by a relocation company; and

(10) Transfer of title with no consideration.

History of Section.
(P.L. 1992, ch. 425, § 1.)