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Video instructions and help with filling out and completing Section 1445 non-foreign affidavit
Instructions and Help about Section 1445 non-foreign affidavit
Ah you're here because you want to know about FERPA and how it fits into your real estate transaction Wikipedia calls FERPA an act to prfor revenues reconciliation as provided by section 3 terms of the Congressional Budget Act of 1974 purpose short for foreign investment in real property tax is a tax law that helps the United States government recoup monies that are lost and when a foreign homeowner sells their property you see before 1974 when Purdue was enacted if a foreign person sold their property and left the country or you know just went on with their life the United States government didn't recoup any money and unfortunately the buyer was always obligated to pay that tax on that home so this is important to you if you're working with a person who's purchasing a home or buyer purchasing a home from someone who's a foreign owner because if that foreign owner doesn't pay the taxes your buyer is left paying the bill I thought that this playlist will cover free downloadable worksheets to my YouTube insiders so you can download your worksheet subscribe and keep watching in South Florida where I live we have a awesome mix of people from all over the world which also means we have homeowners from around the world there are so many things about Realtors who deal in diverse neighborhoods that add to their expertise birthda is one of them because in a diverse neighborhood those Realtors know that a foreign seller when they sell their homes that through FERPA they're required to hold 50% of the taxes to go straight to the IRS so that the person on the buying side the buyer is obligated to pay the taxes in addition to all the other costs and getting into a new property what foreign homeowners sell their property they're released from the obligation of paying taxes but you know what the bill doesn't go away the neighborhood a pothole it still needs to be filled those sidewalks they still need to be adjusted and also those books the revenue that goes into the local schools because of property tax well that still needs to be filled and it burns it wasn't in place all of that cost would go to the buyer in fact the responsibility is still on the buyer so if you're working with a buyer and they're purchasing a home from a foreign owner it's on you real estate professional to make sure that birth-death completely worked out now real estate professionals that finally you you want to do everything in your power to help your clients and customers but keep in mind that you are not a lawyer and you are not a CPA so direct your kinds of customers to speak to a professional because you don't want to do anything outside of the scope of your license to try and control the loss of revenue first it requires that this Thorens.