FIRPTA TAX WITHHOLDING. If a seller of U.S. real property is a “foreign person” as defined by FIRPTA, 535 Section 1445 of the Internal Revenue Code (“Code”) requires the buyer of the real property to withhold up to 15% 536 of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue Service 537 (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding Certificate 538 from the IRS authorizing a reduced amount of withholding. 539 (i) No withholding is required under Section 1445 of the Code if the Seller is not a “foreign person”. Seller can 540 provide proof of non-foreign status to Buyer by delivery of written certification signed under penalties of perjury, 541 stating that Seller is not a foreign person and containing Seller’s name, U.S. taxpayer identification number and 542 home address (or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b). Otherwise, Buyer 543 shall withhold the applicable percentage of the amount realized by Seller on the transfer and timely remit said funds 544 to the IRS. 545 (ii) If Seller is a foreign person and has received a Withholding Certificate from the IRS which provides for reduced 546 or eliminated withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the 547 reduced sum required, if any, and timely remit said funds to the IRS. 548 (iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and has 549 provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been 550 received as of Closing, Buyer shall, at Closing, withhold the applicable percentage of the amount realized by Seller 551 on the transfer and, at Buyer’s option, either (a) timely remit the withheld funds to the IRS or (b) place the funds in 552 escrow, at Seller’s expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the 553 parties, to be subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted 554 directly to the IRS if the Seller’s application is rejected or upon terms set forth in the escrow agreement. 555 (iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this 556 transaction, Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the 557 applicable r...

FIRPTA TAX WITHHOLDING. If any SELLER is a “foreign person” as defined by the Foreign Investment in 492 Real Property Tax Act, the BUYER and SELLER shall comply with the Act, which may require SELLER to 493 provide additional funds at closing. XXXXXX agrees to disclose to the closing attorney/settlement 494 agent at least 10 days before closing if any SELLER is not a U.S. citizen or resident alien.

See All (8)

FIRPTA TAX WITHHOLDING. If a seller of U.S. real property is a “foreign person” as defined by FIRPTA, 623 Section 1445 of the Internal Revenue Code (“Code”) requires the buyer of the real property to withhold up to 15% 624 of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue Service 625 (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding Certificate 626 from the IRS authorizing a reduced amount of withholding. 627 (i) No withholding is required under Section 1445 of the Code if the Seller is not a “foreign person”. Seller can 628 provide proof of non-foreign status to Buyer by delivery of written certification signed under penalties of perjury, 629 stating that Seller is not a foreign person and containing Seller’s name, U.S. taxpayer identification number and 630 home address (or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b). Otherwise, Buyer 631 shall withhold the applicable percentage of the amount realized by Seller on the transfer and timely remit said funds 632 to the IRS.

See All (7)

FIRPTA TAX WITHHOLDING. If any SELLER is a “foreign person” as defined by the Foreign Investment in 501 Real Property Tax Act, the BUYER and SELLER shall comply with the Act, which may require SELLER to 502 provide additional funds at closing. SELLER agrees to disclose to the closing attorney/settlement agent 503 at least 10 days before closing if any SELLER is not a U.S. citizen or resident alien. 504 26. TIME OF ACCEPTANCE: IF THIS OFFER IS NOT SIGNED BY BUYER AND SELLER AND DELIVERED 505 TO BUYER AND SELLER OR THEIR RESPECTIVE BROKER (INCLUDING ELECTRONICALLY OR BY 506 FAX) ON OR BEFORE :01 A.M. P.M. (DATE), THIS OFFER WILL BE 507 DEEMED WITHDRAWN. 508 THE TIME FOR ACCEPTANCE OF ANY COUNTER OFFER SHALL BE HOURS (24 509 HOURS IF LEFT BLANK) FROM THE TIME THE COUNTER OFFER IS DELIVERED.

See All (5)

FIRPTA TAX WITHHOLDING. Seller shall inform Buyer in writing if Seller is a “foreign person” as defined by the Foreign Investment in Real Property Tax Act (“FIRPTA”). Buyer and Seller shall comply with FIRPTA, which may require Seller to provide additional cash at Closing. If Seller is not a “foreign person”, Seller can provide Buyer, at or prior to Closing, a certification of non-foreign status, under penalties of perjury, to inform Buyer and Closing Agent that no withholding is required. See STANDARD V for further information pertaining to FIRPTA. Buyer and Seller are advised to seek legal counsel and tax advice regarding their respective rights, obligations, reporting and withholding requirements pursuant to FIRPTA.

See All (5)

FIRPTA TAX WITHHOLDING. If Seller is not a "foreign person" within the meaning of the Foreign Investment in Real Property Tax Act, Seller agrees to sign a certification to this effect at Closing. If Seller is a foreign person and this transaction is not otherwise exempt from FIRPTA, the Closing Agent shall withhold from the sales proceeds the required amount and pay it to the Internal Revenue Service.

FIRPTA TAX WITHHOLDING. The Foreign Investment in Real Property Act (“FIRPTA”) requires Buyer to withhold at closing a portion of the purchase proceeds for remission to the Internal Revenue Service (“I.R.S.”) if Seller is a “foreign person” as defined by the Internal Revenue Code. The parties agree to comply with the provisions of FIRPTA and to provide, at or prior to closing, appropriate documentation to establish any applicable exemption from the withholding requirement. If withholding is required and Buyer does not have cash sufficient at closing to meet the withholding requirement, Seller will provide the necessary funds and Buyer will provide proof to Seller that such funds were properly remitted to the I.R.S.

FIRPTA TAX WITHHOLDING. If SELLER is a “foreign person” as defined by the Foreign Investment in

FIRPTA TAX WITHHOLDING. If any SELLER is a “foreign person” as defined by the Foreign Investment in 526 Real Property Tax Act, the BUYER and SELLER shall comply with the Act, which may require SELLER to 527 provide additional funds at closing. XXXXXX agrees to disclose to the closing attorney/settlement 528 agent at least 10 days before closing if any SELLER is not a U.S. citizen or resident alien. 529 26. TIME OF ACCEPTANCE: IF THIS OFFER IS NOT SIGNED BY BUYER AND SELLER AND DELIVERED 530 TO BUYER AND SELLER OR THEIR RESPECTIVE BROKERS (INCLUDING ELECTRONIC MEDIA) ON 531 OR BEFORE :01 A.M. P.M. (DATE), THIS OFFER WILL BE DEEMED WITHDRAWN. 532 THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFER SHALL BE _ HOURS (24 533 HOURS IF LEFT BLANK) FROM THE TIME THE COUNTEROFFER IS DELIVERED.

FIRPTA TAX WITHHOLDING Sample Clauses

Filter & Search

Related Clauses

Parent Clauses