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There ar two alternatives to avoid having 10% of a forign seller's gross proceeds witheld at closing.The first is to engage in a 1031 tax defferd exchange. Yes forighers may take advantage of this law. However they must designate replacement property within 20 days following closing as opposed to 45 days for U.S. Taxpayers.The second alternative is to sell their home or condo for $300,000 or less. However the buyer must sign a Residential Use Affidavit. If the property is sold furnished, you may consider drafting two agreements (ie sales contract for the property and the other for the personal property) Call Alan McMullen for all your Real Estate needs 1-800-627-2640
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