What the FIRPTA?
A look at the Foreign Investment in Real Property Tax Act
The Foreign Investment in Real Property Tax Act, 26 USC 1445, establishes a withholding on any disposition of a United States real property interest. FIRPTA is commonly misconstrued to apply only to sales by non-U.S. persons, but is in actuality a mandate that can only be avoided in the event that the disposition qualifies for an exemption to the law, with the most common exemption being that the seller is a U.S. person. In all cases, the seller’s status must be documented and in the event of a withholding, there are very strict timeframes that must be followed.
Presented by: Chad Novak
Chad Novak is Underwriting Counsel with Commercial Partners Title in Minneapolis, where he provides underwriting direction and performs risk analysis on commercial real estate transactions on a national scope. He joined the company in 2015, following nine years with a national underwriter where he held positions including national claims counsel, national underwriting counsel and division manager.
He is a licensed attorney in both Minnesota and Wisconsin, and is active in the Minnesota Land Title Association, the Minnesota State Bar Association, the Hennepin County (MN) Bar Association, and several commercial real estate associations, as well as being a regular CLE presenter. Prior to obtaining his law degree from Marquette University Law School, Chad spent several years working as a banker, loan officer and credit manager for two major national financial institutions. He holds a BA in Germanic Languages and Literature from the University of Kansas.
1 CLE Credit has been applied for.
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