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Video instructions and help with filling out and completing Firpta form real estate
Instructions and Help about Firpta form real estate
Hi everybody this is Francine Gonzales with innovative transactions we are a virtual real estate transaction coordinating company here in California I am a certified transaction coordinator and also a certified cars form trainer so my goal is to be able to bring all of my real estate friends some valuable information and educate them on some forms that we use in our everyday transactions so today I'm going to bring you some information on the qualified substitute form along with these sellers affidavit of non foreign status now these two forms are very misunderstood in the transactions and so it's very very important that we understand the legalities of these forms and that we are also you know advising our clients correctly on how these forms should be used now there's quite a bit of information so I'm going to look down at my notes here to make sure that I get everything covered today so what is the FERPA form so these sellers affidavit of non-porn status is commonly known as the FERPA form so this is the foreign investment in real estate property tax Act since January 1st 1985 the Act was required that the buyer withhold 15 I'm sorry 10 to 15 percent of the gross sales price and they must get that sent over to the IRS so if the seller is a foreign seller it is the buyers responsibility to make sure that those taxes are withheld and they need to direct escrow to withhold those taxes and to send them over to the IRS now what must be included on the seller affidavit form so the seller is required to furnish the buyer with a sellers affidavit which we know as the car form AS again also known as the FERPA form on this form it must state the sellers tax identification number also known your social security number it must also let the buyer know whether they are if they have foreign status and they need to sign this affidavit under penalty of perjury so they need to make sure that everything on that statement is correct so one of the big big challenges that we face Daisy's in our transactions is having the social security number on the form so a lot of times we will receive these forms with no social security number on it or it'll say on file with escrow well according to the IRS Code the seller has to prthat information to the buyer if you are using this form so if the seller does not prthe social security number then it is the buyers responsibility to withhold that ten to fifteen percent tax until the buyer or the seller supplies the buyer with the full affidavit form with all the required information now how long should the buyer hold the sellers affidavit okay so we as you know transaction coordinators and the real estate agent we're responsible for you know getting those forms.