What does "Any financial instrument or contract that has as an issuer or counterparty that is other than a U.S. person." mean within the context of Form 8938 "Statement of Specified Foreign Financial Asset?"
If say, a foreign real estate developer and a US person entered into a "contract to sell" a condominium unit that will be finished in 2021. The contract to sell dictates the payment terms the US person must make prior to the Condo being finished in 2021. After completing the payment terms, the foreign real estate developer will agree to turnover the condo unit to US person - is this reportable on Form 8938?