Georgia Commercial Real Estate Attorneys Offering Guidance With Nonresident Withholding Tax Matters

Assistance with Recording Services and Other Aspects of Georgia Commercial Real Estate

Experienced Georgia Real Estate Legal Professionals

Reginald A. Hudspeth, LLC, Attorneys at Law, is a full-service real estate firm that handles many aspects of complex, commercial real estate purchases within the state of Georgia.

Typical real estate transactions include recording deeds or security instruments with the Clerk of Superior Court's office. Recording costs vary based on the transaction and the nature and number of documents involved.

Recording Fees

Georgia recording fees per instrument are $10 for the first page and $2 for each additional page and a $2 fee per cross-reference.

Real Estate Transfer Tax

Real estate transfer tax is an excise tax on transactions involving the sale of real property where title to the property is transferred. Generally, before a deed writing can be recorded in the office of the Clerk of the Superior Court, the real estate transfer tax must be paid.

The Georgia real estate transfer tax is based upon the property's sale price at the rate of $1 for the first $1,000 or fractional part of $1,000 and at the rate of 10 cents for each additional $100 or fractional part of $100. There are exemptions and exceptions to the foregoing rule, which the attorneys at Reginald A. Hudspeth, LLC can explain to you.

Intangible Recording Tax

Real estate instruments securing long-term note (Note maturity exceeds 36 months) must pay intangible recording tax with the recording of the security instrument. Penalties and interest apply to payments tendered later than 90 days post the date of the Note.

The tax rate is the lesser of $25,000 or$1.50 per $500.00 of the amount of the Note. Exemptions or exceptions to the foregoing rule, will be explained to you by the attorneys at Reginald A. Hudspeth, LLC.

Non-Resident Withholding Tax

The disposition of property in the United States by a foreign person is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. The transferee (the Buyer) must deduct and withhold a tax equal to 10% (or other amount) of the total amount realized by the foreign person on the disposition.

Disposition of a Georgia property by a non-resident of Georgia, requires withholding tax on the Seller's gain at the rate of 3 percent. Affidavit of Seller's gain and determination thereof will be explained to you by the attorneys at Reginald A. Hudspeth, LLC.

For many years, the attorneys with Reginald A. Hudspeth, LLC, have handled such matters and many other matters related to commercial real property, including title examinations, issuance of title certificates, and components of the closing process.

Contact the Firm To Learn More

Contact Reginald A. Hudspeth, LLC, Attorneys at Law, in Duluth, at 888-202-3177 for assistance with your Georgia commercial real estate matter.

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