A. Unless the transfer is fully exempt from the withholding requirements of this chapter, the transferee or real estate reporting person shall:
(1) Withhold at settlement the tax required under Regulation .03B(1) of this chapter; and
(2) Remit the tax to the clerk or to the Department in accordance with Regulation .06 of this chapter.
B. A Return of Income Tax Withholding for Nonresident Sale of Real Property (Form MW506NRS) is required for each transferor for each transfer in which tax was withheld.