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Previously, where withholding was required, sellers had to withhold three and one-third percent of the property�s sale price. Now, sellers may choose between the original withholding method, or elect an alternate withholding amount based on applying the maximum tax rate to the seller's estimated gain. The maximum tax rates are:
The brokers that NAR targeted with its rules operate password-protected Web sites through which they provide information, including property listings, to their customers, potential home buyers. These are sometimes called "virtual office websites" or "VOWs," because a broker operating such a site is able to provide customers with the same property listing information on-line that customers can obtain by visiting the "brick-and-mortar" office of a traditional broker.
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