For the average person, real estate transactions can be difficult to understandeven when in an ideal situation. However, lately our firm has encountered several situations where a transaction has been complicated by a pending divorce. Assume you are divorcing your...
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Real Estate Transactions
FIRPTA Withholding
The Foreign Investment Real Property Tax Act ("FIRPTA") is a federal law which requires the buyer of U.S. real estate to withhold a percentage of the gross sales price to secure payment of U.S. income taxes when the Seller is a non-resident foreigner.Sales Price is...
Don’t Forget the Closing Costs
Buyers and Sellers spend a great deal of time negotiating the best price when contracting for real estate. However, they often overlook payment of the closing costs when agreeing to the final price.The following is an example of how closing costs are allocated by a...
Taking Title to Real Estate in Florida
How individuals take title to real estate in Florida is critical and can lead to unintended consequences if not done correctly. Recently, one client found out that because of the way she and her boyfriend took title to their home she only received a half interest in...