^{The purpose of this memorandum is to state this new statute has no effect on real estate licensees regarding real estate license law compliance.  This act requires a withholding tax to be paid by the buyer at closing on any sale or transfer by a nonresident seller of real property located in Alabama. The act is effective on August 1, 2008.  The withholding is to be paid to the Alabama Department of Revenue who is developing rules and forms to be used for compliance.}

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