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FIRPTA: A Trap for the Unwary - 213691

FIRPTA: A Trap for the Unwary

This will be a discussion of the liabilities for title companies dealing with FIRPTA, the Foreign Investment in Real Property Tax Act. More specifically, it will be a discussion of what title companies are obligated to do under this law, when dealing with a non-resident alien seller of real property. This act requires the withholding of ten percent of the gross sales price; and failure to do so, could result in liabilities for that tax by the closing agent. The mechanics of dealing with FIRPTA will be discussed in detail, including filling out the necessary forms for the collection and ultimate return of the ten percent withholding mandated by the United States government.


Jeffrey N. Silverstein, Esq. 
Jeffrey N. Silverstein has been practicing law in Northern Virginia for over 30 years. His practice is largely a real estate practice. He is also the Legal Assistance Officer of the World Bank in Washington, D.C. Mr. Silverstein attended Case Western Reserve University, where he received his law degree, and received his undergraduate degree from Colby College in Waterville, Maine. Before Mr. Silverstein began private practice, he was a Realtor and also owned and operated a title insurance agency for approximately 15 years. Mr. Silverstein is licensed to practice law in the Commonwealth of Virginia, as well as the Commonwealth of Pennsylvania and the state of New Jersey.