International seller AND buyer?

[Madame]

I was browsing the resale listings and saw a few on David's site that indicate INTERNATIONAL SELLER. As an international buyer, this would not disuade me in the least. That's what I thought until I realized that the buyer (as a non-US citizen) would have to jump through several hoops to get an ITIN also, right?

Anyone experienced this situation recently? I guess on the bright side you'd already have the number ready in case you want to sell in the future.

 

[a742246]

Usually international sales takes an extra month to complete closing, at least that what it took me when I bought from an international seller. The problem for them was notarizing the contract, there was no where to notarized the paperwork except the US Embassy.

 

[Blue Belle Ballerina]

We are from Canada and purchased from Canadian sellers. Yes, we did need to get an ITIN...the whole process was fairly painless, just had to send along lots of paperwork!

 

[Madame]

We are from Canada and purchased from Canadian sellers. Yes, we did need to get an ITIN...the whole process was fairly painless, just had to send along lots of paperwork!

Awesome! Thx so much for replying.

 

[deedubb]

It's not a big deal. A bit of extra paperwork. A little more time involved. $50 for ITIN (which was easy to get). It certainly wouldn't deter me if the contract was what I wanted.

 

[Madame]

It's not a big deal. A bit of extra paperwork. A little more time involved. $50 for ITIN (which was easy to get). It certainly wouldn't deter me if the contract was what I wanted.

Good to know. Thx!

 

[Cyberc1978]

I’m international and I have sold another timeshare in the past. I did not get the ITIN number and I definitely didn’t get the deed or anything else notarized.

As far as I know you only need the ITIN number(as a seller) to claim some of the money back which the seller have paid to the IRS.

As far as the notarized deed goes I still don’t know why that is a requirement as I sold a Hilton property without getting the deed or anything else notarized.

 

[deedubb]

I’m international and I have sold another timeshare in the past. I did not get the ITIN number and I definitely didn’t get the deed or anything else notarized.

As far as I know you only need the ITIN number(as a seller) to claim some of the money back which the seller have paid to the IRS.

As far as the notarized deed goes I still don’t know why that is a requirement as I sold a Hilton property without getting the deed or anything else notarized.

I was required to get an ITIN as a buyer. This only applied when the seller was international.

 

[Cyberc1978]

I was required to get an ITIN as a buyer. This only applied when the seller was international.

I think that’s because you need to pay the firpta tax for the seller. Had you been a US citizen then you did not need to.

 

[deedubb]

I think that’s because you need to pay the firpta tax for the seller. Had you been a US citizen then you did not need to.

The seller paid the FIRPTA from their proceeds.

 

[Cyberc1978]

The seller paid the FIRPTA from their proceeds.

Yes but it’s the responsibility of the buyer to make sure it happens. That’s why it’s normally the buyer who pays it on behalf of the seller. The seller can then claim some or all of them back. If the tax is not paid the irs will make a claim against the buyer.

 

[scot@dvcstore]

When purchasing from an International seller be sure to work with a broker and title company that has experience handling this type of sale. If done correctly from the very beginning, the process will be painless and timely. The broker you work with should be able to address any concerns and walk you through the entire process of purchasing from an International seller.