Not surprisingly, a fair amount of mystery continues to surround the home buying experience — after all, most people only purchase one or two homes in their lifetime. Even then, the mechanics of the escrow process remain mostly invisible to the consumer. Still, there are things that every buyer should know, and the most important thing you can do as … Read More
Important Info for Buyers Purchasing Real Property from Foreign Sellers
Attention buyers purchasing real property from a foreign seller! The Internal Revenue Service places the burden on the transferee (the Buyer) for determining the citizenship status of the Seller, and for withholding a portion of the sale proceeds of a foreign Seller for payment to the IRS. Learn more about this on the FIRPTA Withholding page on the IRS website. Remember… … Read More
Property Tax Prorations
The purpose of a proration in a sale transaction is to fairly divide property expenses like taxes and association dues between the Seller and Buyer so that each party is paying only for those days which he actually owns the property. The property tax year does not follow the standard calendar year. The tax year runs from July 1st of … Read More