Debra Banks - Alex MacWilliam Inc. Real Estate - Vero Beach: 722-231-6509 - Email
DEBRA BANKS Foreign Buyers (Non American Citizens) can buy, own, finance, rent, and sell real estate in Florida. Establishing a strong credit history with Florida lenders to finance property acquisitions, should be completed in advance. All Realtors can show any property listed for sale through the MLXCHANGE system of the Association of Realtors of Indian River County. After selecting a property to buy, an Offer can be negotiated contingent on financing (30 days), building inspection (10 days), etc. A deposit of 10% of value is normal. A title company and/or attorney will check the title of the property and all other documentation. Closing is usually 30 to 60 days. On closing, title can be taken personally or through other entities such as a corporate partnership or trust. When property is owned it may be demolished, renovated, or restored by permit. Annual property taxes are about 2% of the value of the property. When a property is rented for more than 30 days, it is considered an income property and subject to investment property taxation. Property management firms are available to rent and manage income property. When a property is sold at a profit, a 10% withholding tax may apply and income tax forms must be filed with the United States Treasury and possibly the Florida Department of Revenue in the year of disposition. If the property is sold by the estate of an expired owner, an inheritance tax may apply. International currency exchange rates can have a significant bearing on purchasing power. Please note that this information is designed to provide only a general overview of the United States income and estate tax consequences. This information is not a tax opinion. An investor should obtain professional U.S. tax advice before investing in U.S. real property. For more information, contact me Debra Banks
|