Updated Listing Contracts Coming July 1
PAR’s three listing agreements – for commercial, residential rental and residential sale – are getting some minor updates on July 1.
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FIRPTA: What is it and why should you care?
Did you know homebuyers are responsible for ensuring that the IRS collects at least 15 percent of the sale price of real estate when the seller is not a U.S. tax resident?
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FIRPTA comes full circle in Agreement of Sale
PAR’s Standard Forms Committee has reverted the language regarding FIRPTA on the Agreement of Sale back to the original paragraph.
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What’s a FIRPTA?
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) is a somewhat obscure law affecting certain real estate transactions. Many practitioners wrongly believe it only affects commercial transactions but depending on your local market, residential transactions could be covered as well.
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