LendersTell us about your plans for TRID implementation.
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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 10% of the gross sale price (not net proceeds). In most cases, an exemption 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.
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CFPB / TRIDCFPB Implementation Resources
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Attorneys Title Group, LLC
Vadnais Heights, MN
North American Title Insurance Company
Precise Abstract, LLC
Vadnais Heights, MN
Renee Haglund Tierney
Eden Prairie, MN
SRL Law, PLLC
Thomton, Sperry, Jensen & Keithahn, Ltd.
Title Resources Guaranty Company
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WC Title, LLC
New Brighton, MN