When purchasing or holding real estate in Illinois, it is crucial to understand the different ways title can be held. One common method is joint tenancy with rights of survivorship, which has significant legal implications for property owners and their heirs. What is Joint Tenancy with Rights of Survivorship?Joint tenancy is a form of property […]
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Some real estate transactions are commonplace matters, but many — especially in a city like Chicago— require complex legal analysis and skilled negotiation strategies backed by extensive knowledge and research. At the law firm of Wator & Associates, P.C., our attorneys bring detailed analysis and extensive experience to bear on all aspects of real estate […]
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Tax Requirements on Foreign Persons Selling or Exchanging Real Estate in the United States
A foreign person that sells or exchanges a U.S. real property interest is subject to a required withholding under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). A U.S. real property interest includes sales of interests in parcels of real property. This provision is subject to certain exceptions. The required withholding is […]