FIRPTA for Title Company/Law Firm
FIRPTA for Title Company/Law Firm
Armed with the right tools for the job, closing a transaction for a foreign Seller can be a breeze. FIRPTA is one of the most confusing issues with rampant misinformation. Our job is to provide a clear and simple path for closing the transaction on time and with satisfied clients – every time!
How do I know if the Seller is foreign?
Hopefully, the Realtor has already confirmed whether or not the Seller is foreign. If not, look for clues that might indicate FIRPTA applies, such as a foreign address or bank account, large cash transactions and confusion on whether or not they have a Social Security Number or if that number starts with a 9. For more information on ITINs click here. Canadians can be especially tricky because a Canadian Social Insurance Number (the SSN equivalent) also has 9 digits. The best way to cover yourself is with a Non-Foreign Affidavit from the Seller. However, if you have knowledge that the Seller is foreign, you can still be exposed.
What are my responsibilities to identify a foreign Seller?
The Seller wants to reduce the FIRPTA withholding, what is my role?
What is my role when FIRPTA does apply?
Any final words of advice?
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