If your seller is international does it say so on original contract signed?

[we"reofftoneverland]

How can I find out if a seller is international? Is it on the original contract? We do not have anything about it on our contract, so I am wondering if that means they are not international?
Thanks

 

[Dark Rider]

How can I find out if a seller is international? Is it on the original contract? We do not have anything about it on our contract, so I am wondering if that means they are not international?
Thanks

The contract I signed with an international seller had their name and location on the contract.

 

[KyleAfterAWhile]

we were able to determine that our buyer was in wales from the contract

 

[we"reofftoneverland]

Ours only has the sellers last name. We haven’t signed it yet. I am wondering if the broker has to disclose it at this point? I guess not. I have asked but have not received a response. It is not a big deal, just would like to know.

 

[MICKIMINI]

All contracts I have received have stated the sellers last name and city and country. One of the recent purchases was from a Canadian (my 3rd no big deal) but the broker didn't ever disclose it until I got my contract. I didn't appreciate that.

Call your broker to clarify because you will have to report your SS# for the IRS if it is a foreign seller in case the seller doesn't pay their taxes. The first time I received a copy of the taxes due FROM the seller I nearly flipped as it was addressed to me from the IRS for thousands of dollars and I thought we owed that. It's not worth a heart attack!

 

[Best Aunt]

If you want to do some digging on your own, you can look for the deed where the sellers received their ownership interest. It should show the address they had at the time. If the resort is in Orange County, you can look here:
https://occompt.com/
Of course they aren't necessarily still at the address where they lived when they bought, but you can keep searching to see if they are still there. If in U.S., property tax rolls might be found online to show if they currently own the same residence (assuming they own and don't rent).

 

[Cyberc1978]

I’m international and when I sold my contract approx 14 days ago the contract had my address In Europe listed together with buyers address in the US.

the buyer could therefore tell that I was international and not a US citizen.

 

[MICKIMINI]

I’m international and when I sold my contract approx 14 days ago the contract had my address In Europe listed together with buyers address in the US.

the buyer could therefore tell that I was international and not a US citizen.

Totally cool with that as long as you pay those pesky taxes LOL!

 

[Cyberc1978]

Totally cool with that as long as you pay those pesky taxes LOL!

as a seller you get the option to use a FIRPTA agent to do the taxes or just pay the 15% of sale. Either way the buyer is in the clear.

 

[MICKIMINI]

as a seller you get the option to use a FIRPTA agent to do the taxes or just pay the 15% of sale. Either way the buyer is in the clear.

The first time we received that "bill" from the IRS, we didn't have any idea what that was...anything from the IRS is scary! Thanks for the clarification!

 

[RoseGold]

I've (domestically) bought from two different brokers, and the closing docs listed the sellers' full address.

 

[macman123]

If you have a look on the contract, it says buyer from xxxx and seller from xxxxx

Thats when you put an offer in and its accepted.

But some brokers put on the listing, its an international seller.

 

[fgaini]

I am an international owner. It shows on the contract and many broker show that on the website

 

[we"reofftoneverland]

So, unfortunately it does not say on our contract. All it has is the seller’s last name. However, I did
just find out from someone in the broker’s office that the seller is international. Ugh. We have not signed the contract yet. I am on the fence now. We really want the contract, but we really hate the IRS.

 

[Lorana]

All contracts I have received have stated the sellers last name and city and country. One of the recent purchases was from a Canadian (my 3rd no big deal) but the broker didn't ever disclose it until I got my contract. I didn't appreciate that.

Call your broker to clarify because you will have to report your SS# for the IRS if it is a foreign seller in case the seller doesn't pay their taxes. The first time I received a copy of the taxes due FROM the seller I nearly flipped as it was addressed to me from the IRS for thousands of dollars and I thought we owed that. It's not worth a heart attack!

So, unfortunately it does not say on our contract. All it has is the seller’s last name. However, I did
just find out from someone in the broker’s office that the seller is international. Ugh. We have not signed the contract yet. I am on the fence now. We really want the contract, but we really hate the IRS.

Huh. I had an international seller for one of my contracts, but I was not required to provide my SSN for the sale. I'm confused and maybe this is just because I don't understand the rules and regulations around it, but if the seller doesn't pay their taxes, why would anything be sent to the buyer? It's not your responsibility to pay what they owe?

 

[we"reofftoneverland]

Huh. I had an international seller for one of my contracts, but I was not required to provide my SSN for the sale. I'm confused and maybe this is just because I don't understand the rules and regulations around it, but if the seller doesn't pay their taxes, why would anything be sent to the buyer? It's not your responsibility to pay what they owe?

Unfortunately, the IRS goes after the US buyer (yes, which logically makes no sense) if the seller does not pay the taxes. It’s a ridiculous system. And I feel for international sellers who have to deal with the IRS.

 

[LilyJC]

So, unfortunately it does not say on our contract. All it has is the seller’s last name. However, I did
just find out from someone in the broker’s office that the seller is international. Ugh. We have not signed the contract yet. I am on the fence now. We really want the contract, but we really hate the IRS.

A few years ago we found out one of our contracts had an international seller when we received closing docs. Sometimes they can take longer, but it’s honestly not that big of a deal. If you really like this contract, go for it! Just make sure you have one of the more solid title companies as they will do the tax withholding and deal with the IRS directly. You’ll just be sent the forms for informational purposes from the IRS once everything is completed. Again, no biggie

 

[Best Aunt]

So, unfortunately it does not say on our contract. All it has is the seller’s last name. However, I did
just find out from someone in the broker’s office that the seller is international. Ugh. We have not signed the contract yet. I am on the fence now. We really want the contract, but we really hate the IRS.

Well if they should have the addresses on the paperwork and they don’t, maybe you should have concerns about the agency’s attention to details.

 

[we"reofftoneverland]

A few years ago we found out one of our contracts had an international seller when we received closing docs. Sometimes they can take longer, but it’s honestly not that big of a deal. If you really like this contract, go for it! Just make sure you have one of the more solid title companies as they will do the tax withholding and deal with the IRS directly. You’ll just be sent the forms for informational purposes from the IRS once everything is completed. Again, no biggie

We are leaning this way. We do really like it. But I just wish the broker wasn’t so secretive about it. Makes me nervous.

 

[MICKIMINI]

We are leaning this way. We do really like it. But I just wish the broker wasn’t so secretive about it. Makes me nervous.

What country?