[U.S. real estate buyers] are required to ensure the seller is either a U.S. citizen or has a U.S. government- issued tax identification number.”
GAYLENE ROGERS LONERGAN
▷ THE RECIPIENT MUST ENSURE NO SUBSTANTIVE WITHHOLDING LIABILITY IS INVOLVED IN THE TRANSACTION. Consulting with a real estate attorney about all the documents necessary for a legal real estate transaction before the transfer can save the transferee, whether a buyer or a lender in a foreclosure situation, a lot of money, time, and aggravation. This article is provided for educational reasons exclusively and is not meant to be construed as legal advice. The Lonergan Law Firm, PLLC, will represent you only after being retained and that agreement is made in writing
property owner transfers the property title to the lender as a deed in lieu of foreclosure instead of going through the foreclosure process, the transaction may also be required to comply with the withholding requirement. However, the transaction can still be considered exempt from FIRPTA provided certain conditions are met. These include: ▷ THE RECIPIENT OF THE PROPERTY MUST ASSUME ALL DEBT (IF ANY) SECURED BY THE REAL PROPERTY. ▷ THE TRANSACTION MUST NOT BE STRUCTURED FOR THE SPECIFIC PURPOSE OF AVOIDING ANY REQUIRED FIRPTA WITHHOLDING.
Gaylene Rogers Lonergan founded The Lonergan Law Firm, P.L.L.C., a real estate law and banking law practice and real estate closing office, headquartered in Dallas, Texas, in 2000. She has been serving clients throughout Texas since then. Lonergan has more tha 40 years’ experience dealing with virtually every aspect of commercial and residential real estate law, banking, and title transactions.
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