Absolutely. Documents can be sent to you by email or mail, depending on your preference. At the conclusion of the transaction, the proceeds of the sale will be sent to you by mail. For an additional cost, funds can be expedited.

1. Purchase Contract. First step is to put together a purchase contract. Depending on your comfort level with computers, we have different options of getting electronic contracts or paper contracts out to you.
2. Open Escrow. Once all signatures on the purchase contract have been received, then we will collect the buyer’s good faith deposit and open escrow by sending an email to the title company. You will be included on that email so you have a direct line of communication with the title company agent if you want to speak with them.
3. Title Search / Feasibility. For the next several weeks, the title company will perform a search of title to make sure there are no defects. At the same time, the buyer will perform his due diligence to make sure the lot can be developed. Florida has many environmental & wildlife protections in place. During this period, it is normal not to hear from us, however we are always available to answer any questions you might have.
4. Coordinate Final Document Signing / Seller Proceeds. About a week before the closing date, the title company will email the closing documents to you. The documents will need to be signed in front of a notary and the originals returned in time for the scheduled closing date.
5. Closing Day. Once the title company has verified they have received all closing docs/signatures from the buyer and seller, along with the closing funds from the buyer, they will then proceed to recording the deed and sending out seller proceeds.

Knowing who is deceased is very important. Please share this information up front as it will determine whether we can even do the transaction. Once you share your specific scenario with us, we can present it to the title company for guidance. Or, if you feel more comfortable, you can ask the title company directly. In some cases, probate will be required. We can refer you to a local Real Estate Attorney to help you.

There are three things that can affect the final amount you receive:

1. Annual Property Tax/Assessment Pro-rations. Annual property taxes/assessments will be pro-rated to the closing date. If you are caught up on all your taxes, there is a possibility we will owe you a refund for a portion of the amount you paid – the closing date is the biggest factor on whether we owe you a refund. Otherwise, any unpaid taxes will come out of the seller’s proceeds.

2. Title Defects.
• What is a defect?
a. A defect in title is any threat to the seller’s claim of ownership to the property. As you can see, this is a very broad term and can cover a multitude of issues with title.
• Examples of defects.
a. Title defects are not common, however when they do occur, the most common types are: liens for unpaid taxes, liens for code violations (lot mowing) or probate requirements. This is not an exhaustive list, just the most common that we have come across.
• Costs associated with clearing title defects.
a. Depending on the defect, some have no cost to fix (just some time & effort) while others can be thousands of dollars.
• What if I don’t want to pay for the defect if one is discovered?
a. Remember, title defects are rare. If one is discovered, the seller is responsible for the costs associated with clearing the defect. With that said, the contract will also allow the seller to terminate the transaction if a defect is discovered that the seller does not want to pay for… no questions asked and no fees charged to the seller.

3. Expedited Funds. At the end of transaction, the title company will ask you how you would like to receive the proceeds of the sale. You will have three options:

1. Check by US Mail. This option is free, however the US mail is currently unreliable. We cannot predict when you would receive it.
2. Wire Transfer. This option will come at an additional charge to you, however you will typically receive this wire on the closing date.
3. Check by UPS Overnight. This option will come at an additional charge to the seller, however you will typically receive this check the business day following the closing.

Your offer will indicate the amount of days we will need to complete the transaction. The clock starts once the purchase contract is signed by both the buyer and seller. On the closing date, the title company will send out the proceeds according to the seller’s preference of US mail, which is free, or by expedited means: wire transfer or UPS Overnight, each of which carries a cost to the Seller. Different title companies charge different amounts, so this is something to ask when the contract is being prepared.

1. This is a common concern posed by sellers.
   Let me begin the answer to both of these questions by posing another question to consider: if the buyer sends you the sale proceeds before a deed is signed, can he trust you will sign the deed?
2. Solution #1
   You can always be present for the closing on the closing date.  This will ensure you receive a check/wire at the same time you are signing the deed.
3. Solution #2
   This is a problem that was solved by the real estate industry long go: use a third party that is licensed and regulated by the state to handle all closing documents and all closing funds.  In Florida, we use licensed title companies or licensed attorneys to perform this function.
4. Preferred Title Company or Attorney
   The buyer has a preference, however we understand you may feel more comfortable using your own title company.  We would be happy to entertain your choice of title company, however we can’t guarantee we will cover all the costs.  The buyer would need a quote from your preference of title company before making any commitments.

What is FIRPTA?
For anyone who does not have a United States taxpayer ID number, relevant to your decision will be FIRTPA tax withholding. For any such foreign individual or entity, the US government requires all title companies to withhold 15% of the sale price (for example: Sale price of $31,000 x 15% = $4,650) and send it to the US Treasury upon completion of the sale.

Can I get this withholding refunded to me?
There are several factors that will determine whether you owe more money, receive a full refund, receive a partial refund or receive no refund at all. This is only something a FIRPTA expert / CPA can help you with.

Are there exceptions?
Yes. Please speak with a FIRPTA expert / CPA. They will need to know some financial details and history in order to provide you with a response unique to your situation.

What if I sell this to someone else?
Please note: This is a federal tax law. It applies whether you sell to us or to someone else.

How do I learn more about FIRPTA?

• www.irs.gov has information for the general public on their website.
• There are many other experts in the field that have posted various articles online.
• We have a referral for a FIRPTA expert that can assist you with this, at your request. They will charge you a fee, however they can handle the entire FIRPTA process (including applying for any refund you are entitled to), from start to finish.