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FIRPTA!! What a Pain!

Finally we all thought that the new change in the law regarding FIRPTA would help us out. I found that this is not true. The change stated that lisitng agents no longer had to have the sellers complete the FIRPTA document and the title company would handled it at close of escrow and give the buyers and their agent a copy of their form. Well, it seems that title companies in my area do not want to have the sellers complete the FIRPTA Statement by Qualified Substitute because they would have to hold the files for 5 years instead of 3 years. Now, we still have to have the sellers complete the FIRPTA form as we never know what title company we will be using because in my area the buyers choose the title company not the sellers. It is normal in my area for the buyer to pay title fees. The seller never pays title fees. How are you handling this situation in your areas?

Posted Monday Nov 10