Title & Escrow News and Information
On December 18, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015. This law creates significant changes to the provisions of the Internal Revenue Code of 1986, which amended the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).
What does the new rule change about withholding requirements?
Settlement agents must begin holding back 10-15% proceeds from the sale of real property by foreign nationals. Property bought by foreign persons that will be used as a personal residence is exempt from the increase if the sales price does not exceed $1,000,000. If the previous exception for personal residences does not apply, the 10% withholding rate is retained. If the price is higher than $1,000,000, the new 15% withholding rate will apply.
What are the benefits?
The PATH Act benefits the real estate industry by doubling the maximum amount of stock ownership that a foreign investor may have in a real estate investment trust (REIT) from 5% to 10%. Another additional benefit is that the law permits certain foreign pension funds to invest in REITs without having FIRPTA treatment apply.
When does it go into effect?
The PATH Act is effective 60 days after Obama signed it into law. This applies to sales on and after FEBRUARY 17, 2016.
What are the guidelines settlement agents must follow when remitting funds to the IRS?
- If the amount realized is $300,000 (typically the sales price) or less, and the property will be used by the foreign buyer as a residence (within current regulations), no amount will be withheld or remitted to the IRS.
- If the amount realized above $300,000 but does not exceed $1,000,000 and the property will be used by the buyer as a residence, then the withholding rate is 10% of the entire amount realized.
- If the amount realized exceeds $1,000,000, then the withholding rate is 15% on the entire amount, regardless of how the property is used.
Are there any obligations for FIRPTA withholding by the real estate agent or broker?
If you represent the buyer or seller of real property subject to FIRPTA withholding, you could be liable for the tax that should have been withheld by the buyer in certain circumstances.
If you have additional questions about the PATH Act, please contact a tax professional.
Welcome Pam Judge and Melissa Stewart! Location & Contact 720 N. Argonne, Suite E Spokane Valley, WA 99212 Phone: 509-928-9665 Fax: 855-885-2346 Online TeamPam@TicorTitle.com MyTicor.com TicorBlog.com We are pleased to announce the expansion of our new Spokane Valley Operation with the addition of Pam Judge – Closer/LPO, and Melissa Stewart – Escrow Assistant. We believe that every successful closing begins with a great team. Please join us in congratulating Pam and Melissa for joining Team Ticor! Pam Judge – LPO/Escrow Closer Pam began her career in 1999 as a receptionist and worked her way up into title and landed in […]
Recorded Documents via Mobile
We are excited to announce that our Ticor Pocket Profile app now provides access to recorded documents (Deeds) for properties in King County, Pierce County, and Snohomish Counties. Access to recorded documents and full legal descriptions after hours, on weekends, and on the go saves time and may help avoid certain business delays for our Lending and Real Estate partners! Pocket Profile puts document access in your hands.
What is the Ticor Pocket Profile App?
Quite simply, the Ticor Pocket Profile App enables users to access property profiles from their Android or Apple mobile device. Users have the option to search for properties by address, owner name, parcel number, nearby properties, or even by taking a snapshot of a house.
What's included in a Property Profile report?
Property profile reports include
- Property Profile – With Legal Description, Property Characteristics, Sale Loan Info, Assessor / Tax info
- Transfer History (Now with Recorded Documents!)
- Area Sales Analysis
- Nearby Properties
- Neighborhood Demographics
- Public Schools Report
- Private Schools Report
- Plat Map
How to Get the Ticor Pocket Profile App
To get the Pocket Profile App, visit the App Store on your Apple Device or the Google Play Store on your Android.
You Will Need a Username/Password
Once you have installed the app on your mobile device, you will need a Pocket Profile account login to access property information for your area. Your Ticor Title Sales Executive can provide you with a username and password.
We are pleased to announce the expansion of our sales team in the Federal Way and Bellevue areas with the addition of Sundi Avila and Amanda Bell. Please join us in welcoming the new members of our team!
Sundi Avila - AVP/Sales Executive, Federal Way
|Sundi has over 14 years combined experience in the financial business and real estate investment industries. Sundi also has experience in the Title and Escrow industry and She has held positions in finance for business lending and financial planning administration. She has also been an owner in two businesses and is a real estate investor. This experience helps her to connect and understand her client's true needs.
"I'm genuinely passionate about each of my clients and will provide a professional, responsive, reliable and trusted service for you."
She has managed a General Contracting company and a wholesale lumber company. Sundi was a local educator for grades K-12 and community college for 8 years where Read More...
Contact Sundi Avila
Ticor Title - Federal Way
33400 9th Ave
Federal Way, WA 98003
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Amanda Bell - Sales Executive, Bellevue
|Amanda is an experienced sales and business development professional with 10-plus years of sales history with companies such as Verizon Wireless, Qwest communications and Microsoft. She has proven the ability to build new business and forge loyalty with clients. With her natural capability to build rapport and trust quickly with her clients, she is able to build new business at a fast pace and establish long term relationships.
She prides herself in providing excellent customer service and considers her customers and coworkers as family, always keeping in touch and supporting their success.
"Your customer doesn't care how much you know until they know how much you care" - Damon Richards
Amanda's roots are in the Pacific Northwest, born and raised in North Seattle and attended Washington State University majoring in Psychology and Minor in Business. Read More...
Contact Amanda Bell
Ticor Title - Bellevue
11400 SE 8th St
Bellevue, WA 98004
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As we all know, the Closing Process has changed since the enactment of the new TRID rule. And with the implementation of new forms, lenders and settlement agents work together to determine a workflow for the completion and delivery of the Closing Disclosure during the closing process. The image here is one example that illustrates the process and shows which items the Lender typically performs and which items Escrow typically performs.
Who Completes the Closing Disclosure?
Lenders and settlement agents also may agree to divide responsibilities with regard to completing the Closing Disclosure with the settlement agent assuming responsibility to complete some or all of the Closing Disclosure.
Who Delivers the Closing Disclosure?
The rule makes the lender responsible for ensuring that the consumer receives the Closing Disclosure. Lenders may work with the settlement agent to have them deliver the Closing Disclosure to consumers on their behalf.