The Ohio Seller's Affidavit of Nonforeign Status is a legal document used in real estate transactions within the state of Ohio. This affidavit is a vital component of the closing process and is required to verify the citizenship status of the seller(s) involved. Its purpose is to ensure compliance with federal tax laws, specifically the Foreign Investment in Real Property Tax Act (FIR PTA). Keywords: Ohio Seller's Affidavit of Nonforeign Status, real estate transactions, closing process, citizenship status, federal tax laws, Foreign Investment in Real Property Tax Act, FIR PTA. There are two major types of Ohio Seller's Affidavit of Nonforeign Status: 1. Individual Seller's Affidavit of Nonforeign Status: This form is used when the seller(s) are individuals who are not subject to FIR PTA withholding. It requires the seller(s) to certify their non-foreign status by providing personal information, such as their name, address, and social security number. Additionally, it may require a notary public or other authorized individual to witness the seller's signature. 2. Entity Seller's Affidavit of Nonforeign Status: This form is used when the seller(s) are entities, such as corporations, partnerships, or limited liability companies (LCS). Similar to the Individual Seller's Affidavit, it verifies the non-foreign status of the entity by collecting information such as the entity's name, address, Employer Identification Number (EIN), and the name, title, and signature of an authorized representative. Completing the Ohio Seller's Affidavit of Nonforeign Status is crucial as it helps the buyer, escrow agent, and other parties involved in the transaction comply with FIR PTA regulations. By signing this affidavit, the seller(s) affirm that they are not foreign persons and are therefore exempt from FIR PTA withholding, which is typically 15% of the sale price. Notarization or witnessing of signatures may be required to add an extra layer of authentication and validity to the document. In summary, the Ohio Seller's Affidavit of Nonforeign Status plays a vital role in real estate transactions by verifying the citizenship status of the seller(s). It ensures compliance with FIR PTA regulations and helps facilitate a smooth closing process. Both the Individual Seller's Affidavit and Entity Seller's Affidavit are designed to collect the necessary information to affirm the non-foreign status of the seller(s).
Ohio Seller's Affidavit of Nonforeign Status
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How to fill out Ohio Seller's Affidavit Of Nonforeign Status?
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General Instructions: Purpose: Use Form W-8 or a substitute form containing a substantially similar statement (affidavit) to tell the workplace, payer, mortgage interest recipient, middleman, broker, or barterer that you are an exempt foreign person not subject to backup withholding rules or certain U.S. information ...
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) establishes that persons purchasing U.S. real property interests from foreign individuals must withhold 10% of the gross amount realized on the transaction.
In order to avoid issues with FIRPTA, the seller will sign an Affidavit and certify status. Otherwise, various pesky IRS forms, such as Form 8288 may be required.
A FIRPTA affidavit, also known as Affidavit of Non-Foreign Status, is a form a seller purchasing a U.S. property uses to certify under oath that they aren't a foreign citizen. The form includes the seller's name, U.S. taxpayer identification number and home address.
With a Certification of Non-Foreign Status, the seller of real estate is certifying under penalty of perjury, that the seller is not foreign.
