Inherited Condo in Florida Would Appreciate Advice on How to Sell It !

[davidajones]

Hi

My wife and siblings inherited a 2 bedroom condo in Hallandale Flordia. (Summit, on the beach) I would love some input re selling a property in Florida.



It was owned for 25 years, probably worth 300 ish.



Any random thoughts re real estate agents, do I need a U.S. lawyer, Florida Commision rates etc would be appreciated.



thank you !!



Dave

 

[Thomas Beyer]

Spend a week to 10 days down there .. get to know the lay of the land .. talk to 5-6 realtors .. then pick one, after understanding the local market.



==> Depending on price, minus all sales costs and FL taxes, maybe keeping it for personal use, for now, is a better option, or renting it.



Explore all options, and associated issues like taxes, management fees, condo fees, achievable rents .. i.e. get the facts first, then decide after a cooling off period back home and after a second trip to validate the facts with different eyes.



The US is on a rebound, and FL with its endless sunshine, low costs and beautiful beaches will always be a good destination for US or Canadian snow birds, N-Europeans and Latin Americans.



Unclear if title is already in your name. There will be several legal documents to sign.



You will have to file income taxes on your world income in the US (as a ratio of US to overall assets) if you own US real estate, and may have to pay US taxes on the gain of the condo and possibly (albeit unlikely) Canadian income tax .



Buy the book by Douglas Gray: Canadian Snowbird Guide.



Enjoy the sun & the beach !

 

[davidajones]

Thanks Thomas! Dave

 

[biancahamiltonrealtor]

Call Alex Winchie, he used to sell in Hamilton Burlington for years and is now working in that area.
he is actually looking for a condo for me, deals with a lot of Canadians and knows the non resident laws.

Alex Winchie

Realtor

























Fax:

561-451-9377












Cell:

561-869-4144












Email:

[email protected]

 

[TodHamilton]

A friend of mine had a very bad experience with Alex Winchie, a Real Estate agent not in Canada though, in the Florida area. Money can make people slippery. Find someone who has your interests at heart.

 

[invst4profit]

You will need a Florida lawyer to do the registration etc of the sale. My brother in law went through it about 7 yeas ago. Expect to be hit hard with transfer, state etc. taxes. I believe it ended up costing him about 40% of the sale price.

According to friends of ours in Florida every condo building down there had vacant and for sale condos due to the crash (about 1 year ago). They were practically giving them away.

It may not be worth while selling at this time.

 

[REINteam]

Dave, as a REIN member you can get access to the team at the US Property shop.



Give a shout to either Daniella Iamundo or Greg Coleman, and they may be able to help you or should be able to point you in the right direction.



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