What Every Listing Agent MUST Know About Sellers Who Are Not U.S. Citizens Or Georgia Residents
So your seller is not a U.S. Citizen (and does not have a Green Card). . .
Under federal law (specifically, the Foreign Investment in Real Property Tax Act (“FIRPTA”)), if a foreign person sells U.S. real property, the buyer is required to withhold no less than ten percent (10%) of the sales price and remit it to the IRS. Yes, I said the sales price. If that isn’t bad enough, in some instances the ten percent (10%) can be as high as fifteen percent (15%). Like everything else in life, however, there are always few exceptions (and one fairly common one). So let’s look at this a little closer.Continue Reading
