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June 2014 | Volume 7 - Number 6

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Update from ATG Administration

The Buyer's Burden

FIRPTA Tax Withholding Requirements

In life, two things are inevitable, death and taxes. Unfortunately for the IRS, this axiom did not always hold true for foreign sellers of real property. When foreign sellers of real estate located in the United States owed taxes on gains from a sale, the IRS could not collect unless the seller filed a tax return. Very often, the taxes went unpaid.

In an effort to correct this problem, Congress amended 26 USC § 1445 in 1984, placing the duty on the buyer to collect the tax by withholding funds from the sale. The Foreign Investment in Real Property Transfer Act (FIRPTA) requires any buyer of a U.S. real property interest to withhold ten percent of the amount realized by a foreign seller. 26 USC § 1445(a). Read more...

Tania M.S. Stori
ATG Senior Managing Attorney, Underwriting

ATG MEMBERS | Underwriters' Bulletin

Underwriters' Bulletin

Procedural Best Practices: Issue Policies within 30 Days of Closing — ATG has changed its policy issuance guidelines to comply with ALTA Best Practices.

Procedural Update

Best Practices Compliance: Word on the Street — Learn how ATG can help you meet ALTA Best Practices #2 and #3 requirements.

Title Tips

Closing Checklist for When the Client is Not Attending — Learn the major items that will be required when your client is absent from the closing table.

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ATTORNEYS | Practice Notes

Casenotes

Illinois

Mortgage Foreclosure: Bayview Loan Servicing v 2010 Real Estate Foreclosure — Intervenor failed to carry its burden of proving sufficient grounds that "justice was not done" pursuant to Section 15-1508(b) of the Foreclosure Law when seeking to vacate the confirmation of a judicial sale of a foreclosed property.

Indiana

Disclosure: Boehringer and the Cleo A. Boehringer Trust v Weber — In Indiana, actual knowledge is required to show a failure to comply with the sales disclosure statutes; a showing that an owner failed to disclose a defect of which he should have known is not sufficient.

Wisconsin

Mortgage Foreclosure: Moser v Anchor Bank — In a foreclosure action, a trial court retains jurisdiction even after entering a final judgment of foreclosure because it is an order confirming the sale that finally resolves all the issues in the case.

WHAT'S NEW | Trust, CLE, Process, and Auction Services

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Don't Miss the June 30 Illinois MCLE Deadline - Get Your Hours FREE!

We have an extensive collection of OnDemand recorded webcasts available 24/7, including Ethics/Professional Responsibility hours. See our Program Catalog for the full list. You must be logged in to see all the programs you have access to.

New OnDemand Programs
ALTA Best Practices 2.0: Agent Implementation Tools (1.50 MCLE in IL; 1.50 CLE applied for in WI)

Just Added! General Medicaid, Long-Term Care, and Eligibility Updates (1.50 MCLE in IL)

Managing Guardianships (1.50 MCLE in IL; 1.50 CLE in WI)

The New Real Estate Closing Process: CFPB Rule Explained (1.50 MCLE in IL; 1.50 CLE applied for in WI)

Wisconsin Underwriting Forum, Part 4: Anatomy of a Wisconsin Title Insurance Commitment - (1.50 CLE in WI)

Searching, Liens, and Statutes of Limitation (1.50 MCLE in IL)

Title Policy Forms Basics - An In-Depth Review (1.50 MCLE in IL; 1.50 CLE in WI)

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Auctions by ATG – Your Commercial and Residential Property Auction Resource — Auctions by ATG provides professional and effective live and online real estate auction services. Sellers and buyers of all types of commercial and residential property benefit from our totally transparent auction process, superior online bidding service, and attractive pricing model. Our extensive targeted marketing often leads to pre-auction sales that close in 30 days or less.

Join Our Email List to receive Auction Property of the Week notices and updates on our auctions.

Visit our new website at www.auctionsbyatg.com for more details. If you have questions, contact Operations Manager Mary Fran Gill, 312.752.1160. Follow us on Facebook and Twitter.

[Last update: 6-23-14]