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The document is a Non-Foreign Affidavit under Internal Revenue Code Section 1445(b)(2) for property transfer in New York. It includes declarations by the sellers confirming they are not 'foreign persons' as defined by the IRS, along with their taxpayer identification numbers and property details. The affidavit serves to exempt the transaction from withholding requirements.

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What is a certificate that seller is not a foreign person?

This Standard Document is delivered by the owner of a seller that is a disregarded entity in a stock or asset sale to inform the buyer that the sellers owner is not a foreign (non-US) individual or entity and therefore not subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).

What does the IRS consider a foreign person?

A foreign person includes a nonresident alien individual, foreign corporation, foreign partnership, foreign trust, foreign estate, and any other person that is not a U.S. person. It also includes a foreign branch of a U.S. financial institution if the foreign branch is a qualified intermediary.

Who is considered a foreign buyer?

Most foreign buyers live in the United States with a visa or green card, and are considered foreign only because they dont have US citizenship. These buyers might experience some delays in obtaining a mortgage.

What is IRS code 1445 foreign person?

Except as otherwise provided in this section, in the case of any disposition of a United States real property interest (as defined in section 897(c)) by a foreign person, the transferee shall be required to deduct and withhold a tax equal to 15 percent of the amount realized on the disposition.

Which of the following is not a foreign person under FIRPTA?

An individual green card holder currently living in the U.S. would not be considered a foreign person under FIRPTA, because green card holders are treated as resident aliens for tax purposes.

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What is a non-foreign person affidavit?

CERTIFICATE OF NON FOREIGN STATUS. (FIRPTA AFFIDAVIT) Section 1445 of the Internal Revenue Code provides that a transferee (buyer) of a U.S. real property interest must withhold tax if the transferor (seller) is a foreign person.

Who is considered a foreign person for FIRPTA?

A foreign person is a nonresident alien individual or foreign corporation that has not made an election under section 897(i) of the Internal Revenue Code to be treated as a domestic corporation, foreign partnership, foreign trust, or foreign estate. It does not include a resident alien individual.

What if a seller is classified as a foreign person?

This is the law known as FIRPTA- the Foreign Investment in Real Property Tax Act. So when a foreign party sells US real estate, the buyer (via the escrow company or settlement agent in most states), must withhold a significant amount of the sales price, and (probably) send it into the IRS.

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