Is Your Transaction Subject to FIRPTA

The Foreign Investment in Property Tax Act (FIRPTA) Among the many documents which are presented and processed during escrow is a certificate of non-foreign status. The reason for this document is to protect the property buyer from liability for the IRS withholding tax which applies if the seller is a foreign person. If the Seller is a US Citizen or a US Resident then FIRPTA does not apply. If the Seller is not…

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Title Commitment- Easy Guide

  What information is found in the Title Commitment? Upon opening escrow and the completion of the title search, you will receive a Commitment for Title Insurance, and copies of those matters as disclosed in Schedule B Section 2-Exceptions (NOTE: If you do not receive these documents with the Commitment for Title Insurance, request them from your Escrow Officer). The Commitment for Title Insurance has three schedules: Schedule A and Schedule B…

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