The Trusted Adviser

June 2014 | Volume 7 - Number 6

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Update from ATG Administration

The Buyer's Burden

FIRPTA Tax Withholding Requirements

Hank Shulruff photoIn 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

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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



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.


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.


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.

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

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

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[Last update: 6-23-14]