If you are selling a property in the USA, whether it is your primary residence or investment home abroad, there are many details involved. Understanding the process can make it easier and less stressful. Unfamiliar terminology, processes and laws can create unforeseen hurdles that can delay or derail the sale of your property. And if you are an expat, the sale can take on additional complexity due to time zones and language barriers.
First, it is important to decide whether you are a resident alien or non-resident alien. This will determine how you file your taxes and what your tax liability will be. Resident aliens follow the same process and tax rules as citizens, but non-resident aliens have more responsibilities when it comes to filing and paying taxes.
Generally speaking, you are considered a resident alien if you have a green card or have been in the US for two years and meet the substantial presence test living here 16 of the days of each year. If you meet these criteria, you will be subject to capital gains tax on your sale.
When you are ready to Selling Property in the USA , your real estate agent can help you establish the best pricing strategy for your home. They can also work with you to market your property to reach a wide audience of potential buyers. They can recommend local lawyers and title companies to assist you with the sale and closing of your property.
Before you accept an offer, it is wise to have a home inspector walk through the property with you to look for any issues that may hinder or delay the sale. You can then address these items with the buyer in negotiations or include them as contingencies in the contract.
It is often required by law for a seller to disclose any known defects or issues with their property to buyers. This is usually done through a form that you fill out and provide to the buyer prior to closing. Failure to disclose can lead to penalties and fines, so be sure you are fully prepared.
Once you have received an offer, you and your agent will work with the buyer to finalize the terms of the sale. This can include the sale price, a timeline for closing and other provisions that are specific to your situation.
Once all the final steps are taken, you will be ready to transfer your ownership of the property to the new owners. The last step is to complete the transaction, which involves completing a home inspection, providing the buyer with all necessary paperwork and taking the property off of the market. This article was a guest contribution from Sarah Lee-Duffy, a licensed realtor in the state of Texas, USA. For more information, visit her website here.