Attention All Home Buyers
By Kerrin N.T. Liu Despite the terrible toll COVID-19 has taken in the United States, the real estate market has perhaps surprisingly been booming amid historically low interest rates and an unprecedented exodus from cities into the suburbs. Houses located in the suburbs, especially near and around Northern California’s east and south bay, have been selling well above asking, all leading to a so-called “seller’s market”. Among the many homeowners who may be thinking of selling their home at this time are foreign investors who own recreational property in the United States. But U.S. persons buying homes from the foreign individuals need now, more so than ever, to be apprised of the rules and regulations governing the Foreign Investment in Real Property Tax Act of 1980 (hereinafter “FIRPTA”). What is…