Selling Real Estate

The U.S. tax rules that apply to ownership and disposition of U.S. real estate by foreign owners are different in some important respects from the rules that apply to U.S. owners.

The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorizes the United States to tax foreign persons on dispositions of U.S. real property interests. A U.S. real property interest includes sales of interests in parcels of real property as well as sales of shares in certain U.S. corporations that are considered U.S. real property holding corporations.

Persons purchasing U.S. real property interests (transferee) from foreign persons,…

One of our agents at Downing-Frye Realty, Inc. just penned an article about what California has implemented regarding the responsibilities of listing agents specifically related to 'short sales'. As he does, I believe that measures quite similar should be expected in the State of Florida in the very near future.

It should be a warning to all agents who list and sell 'short sales'!

READ ARTICLE HERE

Priced to sell in Summerplace, being sold turnkey and Not a short sale! Simply adorable and tastefully re-done describes this fabulously located 2bedroom/2bath condominium residing across from the new Mercado complex and very near the beach. This unit features glass sliders on the large screened-in lanai, as well as wood flooring, ceramic tile on the diagonal and carpeted bedrooms. 

The kitchen has plenty of storage, as well as a breakfast area. The condo has a formal dining area and is adjacent to a large livingroom. The spacious master bedroom and bath completes the package with closets galore making it an extremely comfortable area. The carports were recently re-done and there is a large storage area attached.

The condo is available for lease January…

Often we are asked about the different costs related to buying, holding and selling real estate in the greater Naples area. The costs associated with purchasing property will vary within each county in the State of Florida. For example, the cost of purchasing property in the Naples area (Collier County) will be different than purchasing in Bonita Springs, Estero Ft. Myers (Lee County).

The largest single expense for buying a home in the Naples area is title insurance.

Paying the cost of title insurance becomes the responsibility of the buyer and will insure the buyer against loss, if it is subsequently discovered that there was a defect in the title. If the buyer is getting a mortgage, the lender will require the buyer to purchase title insurance. If…

I read with great interest the other day an article in the Naples Daily News that talked about a specific Naples builder who was offering buyer protection that would protect the purchaser against any loss during a market downturn. The plan is known as new home price protection and has recently been offered nationwide by a company out of Texas called EquityLock Financial.

The plan is structured as a contract, not as an insurance plan and is tied to a local market index. Should the index drop at the point of a sale, EquityLock will pay the percentage that the index has dropped despite whether the sale shows a profit or loss.

The plan is offered to not only developers and builders, but to average homeowners as well. The cost is between 2% to 3% of the…