Posts Tagged ‘escrow company’
Escrow Company Required to Transfer to IRS 15% of Sales Proceeds of Real Property Sold by a Non-U.S. Citizen
Question: We are Mexican citizens who sold a 20-acre parcel of land in Buckeye for $3,000,000. At close of escrow, the escrow company transferred 15% of the sales proceeds, i.e., $450,000, to the Internal Revenue Service (“IRS”). The escrow company said that the reason for this transfer to the IRS is that we may have…
Read MoreDivorce By Publication May Be Necessary for Title Insurance
Question: My three children and I have been living in an apartment in central Phoenix since my husband left us three years ago. My mother died last year and I recently received a cash inheritance of $225,000.00. I have now signed a $225,000 purchase contract for a Chandler home. The escrow company says that my…
Read MoreCan A Seller/Buyer Demand A Specific Escrow Company?
Question: We made an offer to purchase a Mesa home with financing by a Federal Housing Administration (“FHA”) loan. In our offer we requested the title company that our real estate agent recommended. All of the terms of our offer were accepted by the seller, except that the seller wanted another title company. The seller…
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