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Foreign Investment in Real Property Tax Act 

The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) is a law of the United States of America that applies to the sale of interests held by nonresident aliens and foreign corporations in real property located within the United States.[1]
FIRPTA authorized the IRS to apply a withholding income tax on nonresident aliens and foreign corporations with sales of US real property interests.[1] A real property interest includes sales of real property as well as sales of shares in certain US corporations that primarily hold and sell real property in the US. When a person or corporation purchases a US real property interest from nonresident aliens or foreign corporation, they are required to withhold 10% of the amount realized.[1]
The withholding tax is intended to ensure that the US is able to tax the gains realized on the sale of such interests.[1]
A common exception to FIRPTA withholding is that the person or corporation purchasing the property is not required to withhold tax when the purchaser purchases real estate for his or her own home and the purchase price is $300,000 or less.[1] (This information furnished by Wikipedia, the free encyclopedia) 

For more information on FIRPTA guidelines, please visit the IRS website at: http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html