The following is a brief review of the requirements of the Foreign Investment in Real Property Tax Act. Known as FIRPTA, the act requires that a buyer of real property in the United States must withhold 10% of the gross sales price and send it to the IRS if the seller is a “foreign person.” A foreign person is described as a non-resident alien or a foreign corporation that has not made an election to be treated as a domestic corporation. It does not include a resident alien that holds a “green card.”
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Tags: buyers, Florida, real estate, sellers
Once again, a Florida Appeals Court has upheld the current standard for seller disclosure requirements that apply to Florida real estate transactions. Citing the landmark disclosure case, Johnson vs. Davis, the appeal court found that the law requires a seller to “actually” know about a problem in order to be held liable for a material defect.
The following is a review of the real estate tax profiles for the Southwest Florida counties of Charlotte, Collier, Lee and Sarasota. The information comes from a report completed by Florida TaxWatch that reviewed local government taxing and spending policies and practices for the year 2010.
If you still are wondering about the prices hitting bottom in Florida, here are some interesting numbers from Realtor.com. According to their review of 2.2 million listings in 146 markets through August, Florida cities have had the largest year-over-year increases in average list prices in the country.
Here is more proof that Florida real estate sales are continuing to rise again this year. According to U.S. Census Bureau reports, doc stamp tax revenue (which is paid on all home sales) rose 9.8% in the second quarter of 2011 versus the same quarter last year. And, we think it’s safe to assume that part of the increase can also be equated to a rise in the value of the property’s being sold here in Florida. Here’s an example of why – 
