buying resale "international seller"

[im4pacers1]

We are likely going to buy some additional points and will do so through resale. I see on the listings that some will indicate the seller is an "international seller". Is this significant? If so, what is the significance?

TIA

 

[Disney Dad ADL]

Some people report delays because in some countries supposedly they need to go to a U.S. Consulate to get a notary.

They are also subject to FIRPTA withholdings, which takes some extra paperwork that goes to the IRS. Some have reported getting charged extra closing costs from the title company for this, though I don't think we were charged extra.

That being said, we purchased from someone in Canada and everything was very smooth.

 

[MouseOfCards]

Here's a link to the thread regarding our experience with an international seller:

http://www.disboards.com/threads/a-friendly-warning-to-resale-buyers.3537107/

 

[aoconnor]

It can make the process take a few weeks longer, and you have to provide your social security number for FIRPTA tax purposes (you have no liability, and the broker should handle the filings for you).

If you're not in a rush, I think it can be worth it to get a better deal.

 

[rothesay]

I think it depends on a case by case basis. I recently closed on 2 contracts, 1 of the seller was from Canada, and the other one from the UK, and I did not run into significant delay in either of the transaction.

 

[goofy78]

Do sellers from Canada have to go to US Embassy to get their documents notarized?

 

[mab2012]

Do sellers from Canada have to go to US Embassy to get their documents notarized?

No. Any lawyer can do it, amongst other options.

ETA: I should admit that I don't have firsthand experience with this, but I've seen it posted by Canadian sellers on these boards more than once. And on the flip side, sellers who drag their feet and cause delays are by no means limited to international locations; there are plenty of stories of US domestic sellers who do the same. Potential delays are to be expected in any resale transaction.

 

[goofy78]

No. Any lawyer can do it, amongst other options.

Thank you! Hoping for a quick closing.

 

[mab2012]

Thank you! Hoping for a quick closing.

Good luck!

 

[pangyal]

No. Any lawyer can do it, amongst other options.

ETA: I should admit that I don't have firsthand experience with this, but I've seen it posted by Canadian sellers on these boards more than once. And on the flip side, sellers who drag their feet and cause delays are by no means limited to international locations; there are plenty of stories of US domestic sellers who do the same. Potential delays are to be expected in any resale transaction.

This is actually not entirely the case, sorry...

The Province of Ontario has a special agreement/legal relationship with Florida because so many of us are "snowbirds" and spend three months or more in Florida annually. For example, as a result of this agreement, Disney is allowed to sell DVC direct to Ontario residents, but not to all of the Canadian provinces.

So, if you live in Ontario, and you need a US notary, there are notaries here who are authorized to act as such and remove the need to go to a US Embassy, but this is not the case for all of Canada.

 

[Dawn68PA]

I am going through buying from an international seller right now and everything has been going smoothly. No issues thus far and I haven't noticed this contact taking any more time than my first one.

 

[Novakm]

My seller was from England. It caused a week delay in closing.

 

[mab2012]

This is actually not entirely the case, sorry...

The Province of Ontario has a special agreement/legal relationship with Florida because so many of us are "snowbirds" and spend three months or more in Florida annually. For example, as a result of this agreement, Disney is allowed to sell DVC direct to Ontario residents, but not to all of the Canadian provinces.

So, if you live in Ontario, and you need a US notary, there are notaries here who are authorized to act as such and remove the need to go to a US Embassy, but this is not the case for all of Canada.

This is the recent post that I recalled on this topic:

TSS now listing international sellers on contracts

According to that poster (located in Montreal), a US notary is not required for sale of a DVC contract in Canada. Again, I can't speak to the accuracy since I have no first-hand experience, but I'm sure I've seen similar posts by others on these boards, so I have no reason to disbelieve them.

 

[goofy78]

My seller is in Canada- not sure where specifically. Had an appointment on Tuesday to get documents notarized but had to reschedule to today because his notary was sick. My documents were returned last Thursday so a week has been added on by the seller. Not a huge deal but still. Hopefully he returns them today bringing me to close early next week.

 

[pangyal]

This is the recent post that I recalled on this topic:

TSS now listing international sellers on contracts

According to that poster (located in Montreal), a US notary is not required for sale of a DVC contract in Canada. Again, I can't speak to the accuracy since I have no first-hand experience, but I'm sure I've seen similar posts by others on these boards, so I have no reason to disbelieve them.

It depends on the province.

 

[rothesay]

Do sellers from Canada have to go to US Embassy to get their documents notarized?

I don't have experience selling DVC, but I did sold a couple of condos in Florida, and I only have to go to a regular lawyer to have my closing package notarized.

 

[mab2012]

It depends on the province.

I haven't seen evidence of that, beyond your statement here. If anything, I would guess it's more likely to depend on what the closing company is willing to accept.

I don't mean to argue. But I'm seeing conflicting information, and I'd actually really like to know the particulars.

If it depends on the province, Quebec is the absolute last place I'd expect the easier route to be possible.

 

[pangyal]

I haven't seen evidence of that, beyond your statement here. If anything, I would guess it's more likely to depend on what the closing company is willing to accept.

I don't mean to argue. But I'm seeing conflicting information, and I'd actually really like to know the particulars.

If it depends on the province, Quebec is the absolute last place I'd expect the easier route to be possible.

Maybe the sticking point is that I'm talking about notarization by an accredited US notary in Canada as required for DVC financing and other US real estate or mortgage transactions, and you're talking ONLY about selling contracts? I would imagine that would be more flexible, as I was talking about both buying and selling.

 

[satman1962]

I sold my contract a few months ago and used a local notary (Montreal, Quebec) and had no issues whatsoever with either the title company or the buyers..

 

[rothesay]

I think a person only has to go to the US Embassy if the documents are required to be notarized under the Apostille Convention.
https://en.wikipedia.org/wiki/Apostille_Convention

I have bought and sold multiple properties in the US, I have never been asked by any of the title companies that requires me to have the document notarized by someone who was recognized under the Apostille Convention. So it was always notarized by a regular lawyer. The only time I had to have my signatures notorized by someone recongized under the Apostille Convention was to apply for an ITIN with the IRS.