Tell us about your plans for TRID implementation.
CFPB / TRIDCFPB Implementation Resources
FIRPTAEffective August 1, 2015, the Minnesota Association of Realtors Purchase Agreement specifically addresses FIRPTA (Foreign Investment in Real Property Tax Act) and inquires whether the seller is a foreign person. In the same spirit, the MLTA has adopted standardized FIRPTA forms for the exclusive use of MLTA members. FIRPTA applies to every sale of U.S. real property. The applicable tax is as much as 15% of the gross sale price (not net proceeds). In many cases, a tax exemption or reduction will apply, most likely being that the seller is a U.S. Person as defined in the Act. This should be documented in all cases. If an exemption does not apply, then a withholding will be required. The MLTA forms include a Q&A, along with certifications and affidavits pertaining to seller status as well as buyer withholding requirements.
Commercial Partners Title, LLC
ALTA's Title Action Network (TAN) is an industry-wide resource designed to make advocating for our profession quick and easy.
Membership is free and it only takes minutes to join.
All employees of title insurance companies, title agents, independent abstracters, title searchers, real estate attorneys, etc. are encouraged to sign up!
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