Chicago Title June 5, 2023
Buyer
The duty is on the buyer (and not the settlement agent) to deduct and remit a portion of the sales price along with the appropriate forms. In some situations a buyer or seller can apply for a withholding certificate to reduce the withholding amount. Buyers can remit less than the statutory amount if provided a determination of the specific amount of tax owed by the seller. A settlement agent may, upon mutual instructions remit payment on behalf of the buyer, however the buyer remains responsible. Per the IRS regulations, the buyer or transferee is legally responsible for any withholding due.
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