39th Annual Real Estate Practice 2021

Guaranteed to be a lively discussion of situations that can keep you up at night! This session is an overview of conflict situations that arise in various real estate cases, both transactional and litigation, with a review of Virginia Professional Guidelines, Rules 1.7, 1.8, and 1.9.

Enacted in 1980, the Foreign Investment in Real Property Tax Act (FIRPTA) requires foreign persons to pay U.S. income tax on gains they make from selling U.S. real estate.  To explain FIRPTA comprehensively, this presentation explains the rule of FIRPTA withholding, exemptions, limitations to withholding, procedures for withholding, the liability of the settlement attorney, and some special rules.  A practical checklist is also offered to guide the practitioner in evaluating FIRPTA issues.