Selling Your Home
We can sell your current primary or secondary home located anywhere in Central Florida, along the Gulf Coast or near Walt Disney World, even if your home has a "stigma" attached to it. Our listing agents or seller's agents can help homeowners sell their homes. Together, we will agree on a listing price for your property after reviewing the Comparative Market Analysis (CMA). We will provide advice on curb appeal throughout the entire home-selling process, including how to present the house. We will market for buyers, show the house, hold open houses, and negotiate the sales contract when potential buyers are secured.
FIRPTA WITHHOLDING FOR FOREIGN SELLERS
In Florida, FIRPTA withholding requires buyers to withhold 15% of the gross sales price (or 10% for owner-occupied homes under $1M) on 2026 property sales by foreign sellers, remitting it to the IRS within 20 days. It applies to most foreign, trust, or corporation sellers, even if no capital gain is realized. Sellers get funds back by filing a U.S. tax return.
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KEY ASPECTS OF FLORIDA FIRPTA WITHHOLDING
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Responsibility: The buyer is legally responsible for withholding the tax from the seller and ensuring it is sent to the IRS, not the seller. However, these funds are withheld at closing and the closing agent will handle this entire process for you.
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Rates: 15% of the gross sales price is standard, though a reduced 10% rate may apply if the property is $1,000,000 or less and intended for use as the buyer's primary residence.
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Exceptions:
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$300,000 Exception: No withholding is required if the sales price is $300,000 or less and the buyer intends to use the property as a home.
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Withholding Certificate: A Certificate of Reduced Withholding can be obtained from the IRS to lower or eliminate the amount.
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Timeline: Funds must be submitted to the IRS within 20 days of the closing which is usually done by the closing agent.
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Getting Money Back: Because 15% is a withholding and not a final tax, foreign sellers often receive a refund by filing a U.S. tax return to show their actual capital gains tax liability. The seller should consult a tax specialist with any questions.
FIRPTA FORMS & PROCESS
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Form 8288 and 8288A: These two forms are completed by the closing agent as part of the real estate closing transaction documents to report the withholding. Funds are withheld from the seller at closing by the closing agent.
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Steps for Sellers: Foreign sellers should engage a tax professional early to determine their exact liability and explore if they qualify for reduced withholding.
For more information, visit the official IRS website.
COMPARATIVE MARKET ANALYSIS
A comparative market analysis (CMA) examines the prices at which similar properties in the area have recently sold. We will be happy to perform a comparative market analysis FREE of charge for our clients to determine a starting price when selling a home.
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As no two properties are identical, adjustments may need to be made for the differences between the sold properties and the subject property to determine a fair sales price. A comparative market analysis is a less-sophisticated version of a formal, professional appraisal.
SELLER EXPENSES
At closing or settlement it is customary to make an adjustment between buyer and seller for property taxes and other expenses such as the homeowner owners association dues and any special assessments.
The taxes which are payable annually and in arrears will not be paid when the settlement occurs so the borrower will have to pay the seller's portion of the property taxes the following December 1st when they become due. However, the seller owned the home for part of the year, thus the taxes will be prorated accordingly and will be paid by the seller to the buyer for the portion of the year in which they owned the home at closing. This amount will show up as a credit on the settlement statement, and the seller will count this amount as a deduction from sums payable to the seller.
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Similar adjustments are also made for homeowner association dues and any special assessments although the billing periods for these are often paid on a quarterly basis. These "prorations" are paid in advance so the seller will have to be credited with any prorated amount at settlement.
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Your homeowners' insurance policy can be canceled as of the day of closing. The insurance company will refund any unused portion of prepaid premiums. The same goes for any unused balances paid into an escrow account. The loan servicer will refund the money to you upon your mortgage being satisfied.
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You will also have to notify all utility companies of the change in ownership and you may want to ask for a special reading on the day of settlement. Be sure to leave your new address for any final billing to be mailed.
SELLER FORMS
When buying a home in the United States you may be asked to provide the following documentation to establish sufficient income for a mortgage (documentation will vary depending upon whether you are a domestic buyer or a foreign national buyer):
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Residential Listing Agreement: Sellers will be asked to sign an exclusive right of sale listing agreement with their broker.
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HOA Addendum: This form discloses when a home is required to be a part of a Home Owners Association.
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Agency Disclosure: This form explains the various forms of agency representation between you and your real estate broker.
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Sellers Real Property Disclosure Statement: Sellers are obligated by law to disclose all personally known material defects about their home to the buyer.
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Lead Based Paint Disclosure: This form is required by law only for homes built prior to 1978.
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Radon Gas: A seller must notify the buyer of the radon risk on at least one document, form, or application executed.
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Foreign Investment in Real Property Act "FIRPTA": A tax form required by the IRS withholding 10% of the gross sales price for payment of foreign national seller's taxes thus preventing them from expatriating the proceeds before it can be taxed.