All Forum Posts by: Leo Popescu

Thank you very much Daria for the detailed response. Much appreciated.

Hello BP!

I came across an interesting condition and figured the best way to understand it is to post it to the pros in here.

I have been in talks with an owner of a lot of land in Lehigh Acres, Florida and we kind of agreed to the deal with one condition on his end. Here was his response:

"I gave this some thought over the weekend and came to the conclusion that I would like to accept your offer.

But there are some things to consider... I have been in touch with a real estate agent and he explained to me, that there is the possibility of making the sale with a "quitclaim deed". This would be my condition for accepting your offer.

If the sale would take place with the "usual" paperwork, I would loose 25% or more for taxes and co. With the quitclaim deed, there would be no further taxes, fees and etc. So I hope you see why this is important to me...

As far as I've understood, the downside with this option for you would be that you do not receive a guarantee that there aren't any loans or pending taxes on the lot. But as I've been told, you can even check for that online in the US (?).

I can give you my word on the fact that all is well with the lot, no loans, no pending taxes or likewise!!"

A few questions:

1. Is it true that he can save on taxes using this method?  If so, why?

2. Can I search title on my own to make sure that I am fully protected?

3. If the seller is not from the United States, is it my responsibility to withhold any taxes?

4. What is my best option if I decide to move forward with the transaction.

Thank you for your time and consideration.

@Tom Cooper - thank you for your feedback.

@Bill Gulley - Given the choice I am sure most would choose Belize if only over our long and cold winters ;).

Thank you Jeremy.  I agree with you, is just that this year it seems like the media is making it sound like a much bigger deal.

Thank you Samantha and Ming for your valuable input.  Much appreciated.

Hello Awesome BP Community,

I am trying to get a first hand, clearer picture from this knowledgeable group regarding the what I consider overblown news following the US election in that many Americans are looking to move to Canada in the near future.  Just trying to figure out for myself and my clients, how accurate this is and if it will continue to add to the already overheated housing markets in Toronto and Vancouver given the low Canadian dollar.  

What is your opinion on this and have any of you (your friends, family or clients) consider such a move?  If so, any details (location, housing type, etc.) would be appreciated.

Thank you for your time.