FAQ

• Repaint and re-carpet in neutral colors, clean out, declutter and deep clean. Remove knick- knacks and personal photographs, clear counter tops and make sure beds are made and toilet seats & covers are down.
• Do a yard clean-up: rake leaves, remove debris and all unnecessary items from every area and surface.
• Simplicity sells.

For further recommendations on selling or buying, please see our recommendations page here.

The title commitment is meant to ensure a clear title for the buyer which is free of all judgement, liens, child support obligations and other items which may interfere with a buyer's ownership.

A judgment can be anything from an unpaid lawsuit judgment to an unpaid parking ticket. All child support obligations, if any, must be up to date.

Unpaid tax debt and judgments can become liens on your real estate which must be paid before a title company will clear title for its buyer. If money owed is not paid before settlement, it will be required to be paid at settlement or the property cannot be sold.

By applying at a bank, credit union or mortgage broker.

2 years of tax returns, pay stubs, bank statements.

A better score generally means a better (lower) interest rate.

Capital Gains Tax - capital gains tax may be owed upon the sale of property depending on length of ownership, type of ownership and amount of sale proceeds. Consult a tax professional regarding taxes which may be due upon the sale of your property.

Exemptions - some sellers are entitled to a tax exemption upon the sale of their real estate depending on various factors. Consult a tax professional regarding exemptions for which you may be eligible.

FIRPTA - Foreign Investment in Real Property Tax Act of 1980

• If you're buying property from a foreign owner, here are some things to know:
  FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling
  U.S. real estate.
• Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be
  required to withhold 10% of the amount realized from the sale (normally the
  purchase price).
• The FIRPTA withholding tax is the U.S. tax owed by foreign sellers which is collected by the IRS.
• Consult a tax professional regarding exemptions for which you may be
  eligible.

BUYERS: When you are shopping for a home don’t forget to include annual real estate tax cost in the calculations of what you can afford. The annual taxes are a forever cost.
Real estate taxes are usually included in a mortgage payment but once the mortgage is paid off you are responsible to pay the taxes directly to the individual taxing authorities (municipal,
county & school district).

SELLERS: Consider filing a tax appeal to make your property a better value
for home buyers.