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Q:
What is Fee Simple? What is Leasehold?
Fee Simple and Leasehold are two different types of property ownership.
With Fee Simple you acquire ownership of the entire
property, both the land and the building. With Leasehold you are purchasing the condominium
unit only,not including
the land it is built on. You then lease the land the building is built on. Learn more…
Q:
What is FIRPTA and HIRPTA?
FIRPTA and HIRPTA are two types of taxes paid when foreigners and non-Hawaii
residents sell property.
Foreign
Investment in Real Property Tax Act of 1980 (FIRPTA) enforces federal income taxes on foreigners for the sale of property. FIRPTA is necessary when dealing in a transaction with a
non-US citizen.
If you are the Buyer, you must find out if the Seller is a foreign person.
Person buying any U.S. real property from a foreign Seller is required
to withhold and deduct a 10% tax of the Seller’s net gain. FIRPTA is the
responsibility of the Buyer who is acting as the withholding agent. If
the Seller is a foreign person and the Buyer fails to withhold, he may
be held liable for the tax. Learn more…
Hawaii Real Property Tax Act (HARPTA) enforces Hawaii state income taxes on
nonresidents for the sale of property. HARPTA is necessary
when dealing in a transaction with a US citizen who is not a Hawaii
resident.
If you are the Buyer, you must find out if the Seller is a nonresident
of Hawaii. When transferring property in Hawaii, the Buyer must deduct,
withhold, and pay 5% of the Seller’s net gain to the Hawaii Department
of Taxation. HARPTA is the responsibility of the Buyer who is acting as
the withholding agent. If the Seller is a nonresident and the Buyer fails
to withhold, he may be held liable for the tax. Learn more…
Q: Why have an Agent?
For home buyers, sellers, and investors, an agent who is dedicated to representing you can only give you an advantage. Buying a home today is a complicated process. The advocacy of a skilled real estate agent can provide you with the necessary help, resulting in a better outcome and saving you time. Real estate transactions have grown increasingly complex with the need for greater due diligence and research before an offer is made. Learn more on what it means to be a Realtor.
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