This Warranty Deed from Corporation to Individual form is a Warranty Deed where the Grantor is a corporation and the Grantee is an individual. Grantor conveys and warrants the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantor, if any, which are reserved by Grantor. This deed complies with all state statutory laws.
The Florida warranty deed form withholding tax is an important aspect of real estate transactions in the state of Florida. It refers to the tax that is required to be withheld from the proceeds of the sale or transfer of property, which is then remitted to the Internal Revenue Service (IRS). The primary purpose of the withholding tax is to ensure that non-resident sellers pay their fair share of taxes on any gains made from the sale of Florida real estate. The tax is required to be withheld at a rate of 10% of the total sales price unless an exception or reduced rate applies. There are different types of Florida warranty deed form withholding tax, depending on the specific circumstances of the sale. These include: 1. FIR PTA Withholding: FIR PTA stands for Foreign Investment in Real Property Tax Act. This type of withholding tax applies when the seller is a foreign person or entity. In such cases, the buyer is responsible for withholding and remitting 15% of the total sales price to the IRS. 2. Reduced FIR PTA Rate: In some cases, the seller might qualify for a reduced FIR PTA rate if they meet certain criteria. For example, if the property is sold for $300,000 or less, and the buyer intends to use it as a personal residence, the withholding rate can be reduced to 10%. 3. Exceptions to FIR PTA: There are certain exemptions and exceptions to the FIR PTA withholding requirement. For instance, if the property is acquired by a qualified foreign pension plan or if the sales price is below $300,000 and the buyer plans to use it as a personal residence, no withholding tax is required. 4. Non-FIRPTA Withholding: In some cases, even if the seller is a U.S. citizen or resident alien, non-FIRPTA withholding tax may still apply. This can include situations where the seller fails to provide a correct taxpayer identification number, or if the IRS has previously determined that the seller had underreported their tax liabilities. In conclusion, the Florida warranty deed form withholding tax is an essential aspect of real estate transactions involving non-resident sellers. It ensures that the appropriate amount of tax is withheld and remitted to the IRS. Different types of withholding tax, such as FIR PTA withholding, reduced FIR PTA rates, exceptions, and non-FIRPTA withholding, exist depending on the specific circumstances of the sale. It is crucial for all parties involved in real estate transactions to be aware of these requirements to ensure compliance with the law.
