By Lisa A. Tyler
National Escrow Administrator
In recent months, our industry has experienced theft of the packages and payments we ship daily from our offices, some of them containing non–public information. In order to protect our shipments from being the target of theft we are encouraging offices to change their online profile to shorten their company name to just initials. Read "SAFETY in shipping documents and payments" to discover why and how.
On occasion we deal with freaks. We do not know their motivation or their end game; we just know they are not normal or behaving normal in a real estate matter. When that happens our guard goes up and instincts are heightened. That is the case in "WIRES are the way to go!" Something was just not right about the buyer and his constant lies. Read the story and see if you feel the same.
Thanks for your feedback! We have heard from many of you that you are learning from others' FIRPTA processing mistakes, after reading our monthly feature FIRPTA nightmares. This edition contains the fifth story in the continuing saga of FIRPTA nightmares.
In this month's story the closer deducted 10% of the gross sale price from the seller's proceeds at closing. The closer cut the check and sent it to the Internal Revenue Service (IRS) with no other documentation. How the heck was the IRS supposed to apply the payment?