Arkansas Seller's Affidavit of Nonforeign Status
Description
How to fill out Seller's Affidavit Of Nonforeign Status?
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FAQ
With a Certification of Non-Foreign Status, the seller of real estate is certifying under penalty of perjury, that the seller is not foreign.
BASIC RULES UNDER FIRPTA If the seller is a foreign entity or person, the buyer must withhold the 10% and remit the tax to the IRS within 20 days of the date of closing. If the buyer fails to do so, the buyer is liable to the IRS for the tax that should have been withheld plus penalties and interest.
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.
The Seller's Affidavit of Non-Foreign Status ( AS-14) is used to document the exemption if the Seller is not a NRA. This can be signed by a: US citizen; US green card holder; or. Non-citizen who meets the substantial presence test (based on the number of days actually present in the US).
Qualified Substitute is the Default. The seller will then manually complete Paragraph 3B and provide the form to the title or escrow company acting as the qualified substitute. The title or escrow company may use C.A.R. Form QS, or its own form, to satisfy its obligation to notify the buyer.
