How,Title,Insurance,Agency,Ass finance, share, loan How A Title Insurance Agency Assists A Foreign Investor
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As a foreign investor, you are often faced with confusing rules and regulations when investing in U.S. property. Real estate laws can differ significantly from your home country, making the process complicated and puzzling. The best course of action for a foreign seller or investor to avoid this confusion and ensure their closing process goes smoothly, is to work with a United States real estate professional or team of professionals when buying or selling property in the U.S.Real Estate Professionals That Aid A Foreign SellerA real estate closing in the United States can involve many players. Besides the buyer and seller, there may be realtors working with both sides. Each side might also have a lawyer representing their interests and reviewing contracts. In most cases there is a mortgage lender involved and a title insurance agency pulls it all together.How FIRPTA Affects A Foreign SellerOne of the most important considerations real estate and title insurance professionals must be familiar with when a foreign seller is involved is the Foreign Investment in Real Property Tax Act of 1980, also known as FIRPTA. FIRPTA is an IRS regulation that requires a foreign seller of a property to remit 10% of the purchase price to the IRS.If your title insurance agency is also acting as your escrow holder, the company can withhold the required 10% of the purchase price and remit it to the IRS on your behalf.The Title Agency And A Foreign InvestorBy working with a reputable and experienced real estate title insurance agency, a foreign investor can be assured that the closing process will go smoothly and all legal obligations will be met. The title agency serves as an impartial player in the closing, collecting documents, researching the property title and oftentimes holding funds as an escrow agent. It is the job of the title agency to make sure the closing happens, not to favor the buyer or the seller.The title agency often serves the role of communicator between all parties, which can be a very valuable service for a foreign investor. The title agent will be able to walk investors through U.S.-specific terminology, rules and regulations and answer any questions that come up.A real estate title insurance agency must remain up-to-date on IRS rules and regulations governing the FIRPTA. The law states that if the 10% withholding is not done at closing, the buyer can be held liable for it and potentially, the buyer's realtor or the title agency. Therefore, it is in the best interests of the title agency to make sure the funds are withheld and deposited.To find a qualified title insurance agency to handle your foreign sale or investment, talk with your realtor, mortgage lender and friends and family. Referrals can be a great source in finding suitable service providers. You'll want to double check that the agency is experienced in the geographical area in which you are buying or selling. You will also want an agent with a strong history in the area.With the right guidance, a foreign investor or seller can understand U.S. real estate terminology and rules, and can experience a smooth closing. Article Tags: Title Insurance Agency, Title Insurance, Insurance Agency, Foreign Investor, Real Estate, Foreign Seller, Title Agency
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