FIRFTA. Withholding required if Seller is A Foreign Person. Under the Internal Revenue Code, if Seller is a foreign person or entity (non-resident alien, corporation, partnership, trust or estate), then Buyer is, generally, required to withhold a specified percentage of the "amount realized" by Seller on the sale of the property and forward the amount to the Internal Revenue Service ("IRS"). Such withholding may not be required if Seller obtains and provides Buyer with an authorized exemption or waiver from withholding. Seller must complete the authorized exemption or waiver form, or Escrow will withhold/collect from Seller the required amount at closing and forward it to the IRS.
FIRFTA. Withholding required if Seller is A Foreign Person. Under the Internal Revenue Code, if Seller is a foreign person or entity (non-resident alien, corporation, partnership, trust or estate), then Buyer is, generally, required to withhold a specified percentage of the "amount realized" by Seller on the sale of the property and forward the amount to the Internal Revenue Service ("IRS"). Such withholding may not be required if Seller obtains and provides Buyer with an authorized exemption or waiver from withholding. Seller must complete the authorized exemption or waiver form, or Escrow will withhold/ collect from Seller the required amount at closing and forward it to the IRS. Non-resident owners of Maryland property transfer tax can be anywhere from 6%-8.25%. Contact an attorney or title company to make sure you comply with this law if your residence is out of state or corporation is out of state and you are selling a Maryland property. For more information please v i s i t http:// xxxxxxxx.xxxxxxxxxxxxx.xxx/xxxxxxx/xxxxxxxxxxx/xxxx-xxxxxxxx.xxx DISCLOSURE OF INFORMATION ON LEAD-BASED PAINT AND/ OR LEAD-BASED PAINT HAZARDS - LEAD WARNING STATEMENT: Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint. The Seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the Seller's possession and notify the Buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase. Lead paint form is required to be signed by Buyer and Seller. (This is a Federal Law.) As a precaution it is advisable to have one signed regardless of the year the home was built, especially since many additions are added to homes as well as tear downs, which re-use some of the older material. NOTE: There is NO WARRANTY ON PLAIN LANGUAGE: An effort has been made to put this agreement into plain language. But there is no promise that it is in plain language. In legal terms, THERE IS NO WARRANTY, EXPRESSED OR IMPLIED. I authorize title/escrow Company to pay Xxxxxxxx Xxxxxxxx REALTY UNIVERSAL, Inc. a $250 (two hundred and fifty dollars) administrative fee to be paid only upon final closing/settlement. Xxxxxxxx Xxxxxxxx REALTY UNIVERSAL®, Inc. ensures that your ...
