If you are a foreigner and selling a property within the U.S., you may be subject to a 15% withholding from the sale proceeds of the home. This withholding is called FIRPTA - Foreign Investment in Real Estate Property Tax Act. FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you sell your U.S. real estate as a foreign person, a withholding of 15% might be required from the amount realized from the sale. The amount realized is normally the purchase price.
When a homeowner is preparing to list a home for sale and they reside outside of the United States, there are differences in the listing process they should be aware of. The same goes with the selling process once your property is officially under contract.
Most real estate agents simply list homes, but I believe in doing much more. In addition to my concierge services, I pride myself on providing my clients with an outstanding customer service and my marketing plan includes specific strategies. Who you hire to list your home makes a significant difference!
Give me a call today! Let’s sit down and discuss getting your vacation property SOLD so you can get on with those plans you have.
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