FIRPTA Changes in Wisconsin

Date Posted 11/4/2019

Even though the Foreign Investment in Real Property Tax Act (FIRPTA) was enacted in 1980, Wisconsin's standardized Offer to Purchase forms were silent on FIRPTA, that is until now. Lines 513-536 of the new WB-11 Residential Offer to Purchase includes a FIRPTA contingency, requiring that if a seller is not a foreign person, the seller provide a sworn statement to the buyer or a Qualified Substitute regarding the seller's non-foreign status (Seller Certification). The Wisconsin Realtors Association has suggested that "Licensees may wish to reach out to the title companies in their market area and learn which title companies will act as a Qualified Substitute for the purposes of receiving and holding a Seller Certification". YES. Knight Barry Title is willing to act as a Qualified Substitute for the purposes of receiving and holding a Seller Certification. Watch this 5 minute video for more info.
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