Yes, it did work as Dave stated, and no money was withheld for the IRS.
The biggest hoop someone in the UK will have to jump thru is to get to a US embassy and have an affidavit notarized by a notary with a commission from somewhere in the US. The affidavit is just standard boilerplate language and should be prepared for you by the closing company.
Your US buyer will have less problem with his affidavit since he will have easier access to a US notary. The closing company should also prepare that affidavit.
Does this answer my question about doing this while we are in Florida ourselves?
Here are our scenarios..
A)We have a buyer. We live in Canada, our buyer is in the US.
B)The timeshare property is located in Florida.
C)We can take our deed, and all other information with us when we go to Fla.
D)We meet with a closing company agent, and give them all of our paperwork.
.....1)USNotary affadavit form is given to us, our CC gives us a name of the person that can sign this, we present ourselves to said notary, affadavit is signed, and done.
E)Our buyer sends their check, and their notarized affadavit of no gains to the CC..
F)Sale is done, deed is transferred, and no tax withheld.
We've managed to "save" a 10%commission - we already have the buyer - and the hoops are jumped through, on US soil.
A)We don't have a buyer.
B)We take all info with us when we go.
C)Meet with a timeshare resale broker.
...if a buyer is found before we leave the state...then all the same is done..
...no buyer before we leave..??
We pay the 10%commission, we pay the 10% tax, and then begin the arduous process of obtaining a US tax ID, and then filing as a non-citizen...and sometime in 2007 (after 2006 refunds are processed) we get our 10% back.
Or maybe we wouldn't qualify for any exception anyway...
Do I have this right, at all???
Again, our thanks..