A Real Estate Forum for Florida's Emerald Coast!
Typically, the seller would have the option of selling at the appraised value, allowing the transaction to proceed as otherwise planned. However, the obligations and rights of both buyer and seller are dictated by the terms of the sales agreement. Review your specific contract language as pertains to appraisal contingencies with your Realtor or attorney to determine what options are available.
Yes and no. The government is now referring to this as an “investment tax” that they claim would only apply to “high income” individuals. However, many folks with moderate incomes that have a large capital gain in a given year may suddenly find themselves classified as “high income” individuals. The sale of a second home, or perhaps even the sale of a primary residence could trigger this high income designation.
Contrary to news stories being circulated around the internet, this tax will be computed based upon your profit and not the sales price of a property. Unless scrapped by Congress, this new health care tax law will become effective in 2013.
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