I am new to this awesome community.
I own a house in Texas that I need to sell. Currently, I live in Germany and have no plans on returning to the US in the near future. I have a full-time job and family obligations. How can I sell this house while living abroad?
There is a caveat, the house is owned by my corporation of which I am the sole executive. There are no other members or partners.
Any and all guidance would be appreciated!
I'm not familiar enough with Real Estate Law in this situation or with TX law to really comment, But If I were in your situation I'd see if a local realtor can help put you in contact with a Title company or RE lawyer. At least as a first step to understanding what it would take.
Not sure what part of TX the property is in but @Bryan Noth is in TX and is fantastic, he might be able to assist.
Hello @Wentworth Brown ,
This should not be a problem and I believe just about any local Agent or Broker would be able to help you. All of the paperwork, contracts, title etc can be handled by docusign. The only obstacle you might encounter would center around the IRS and your filing status as an American living abroad.
You may find this link helpful if there are any questions on your obligations. I am by no means an expert in international Tax, but selling homes in Texas couldn't be easier.
Thank you for the mention @Michael K Gallagher !
@Wentworth Brown you are not tied to the physical location to sell a property in Texas. However, you may want to plan in advance with your Title Office and Realtor. For out of country owners, clarify with Title and the Buyer's Lender if they accept Remote Online Notary. If they do not accept a RON you can make an appointment at the Consulate and sign with a notary there. Lastly you could grant power of attorney for someone to sign in your stead but consult an attorney before pursuing that route as this is not legal advice and I am not an attorney.
The owning corporation caveat is much simpler, the Title company will need to see your LLC/Corporation documents, specifically the Articles of Organization, to verify you have the authority to act on behalf of the entity that owns the property.
@Wentworth Brown Should be fairly easy. I am a broker associate in Texas and we do this frequently. As long as your corporation is current and up to date, you can sign everything long distance to get it on the market.
When you are ready to close you do need to get in front of a US notary....if you are near a US base you may be able to do it there, otherwise you will need to find a consulate or embassy and determine their requirements for notarizing the documents. Some places amazing easy to do that and some places require more planning and notice.
Alternatively you may be able to give a friend or relative or business colleague in the US power of attorney to sign for you for this one real estate transaction.
If you don't want to sell the corporation then you could create a holding company (about a $500 expense if a lawyer does it for you) and transfer the property into the holding company (assuming you still have a mortgage, you may be charged a 1% transfer fee from the lender. You should check) and just sell the property and holding company
OR you could check if the loan is assumable, this way the aforementioned expenses would be pushed onto the buyer
A lawyer and a RE Agent can do just about everything for you while you're in Germany.
Lots of options, again as stated, its relatively easy. The hardest part is just preparing documents ahead of time and getting US notary or equivalent in Germany. We do Power of Attorney's all the time as well.