The following information is for information purposes and is not legal advice or a substitute for legalcounsel.           ...
The following information is for information purposes and is not legal advice or a substitute for legalcounsel.           ...
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CREA International Buyers Checklist

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Thanks to the Canadian Real Estate Association for this great checklist for Realtors to ask of their International Buyers....

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CREA International Buyers Checklist

  1. 1. The following information is for information purposes and is not legal advice or a substitute for legalcounsel. Checklist when dealing with a Foreign Buyer in the United StatesThe following is a general checklist of issues to be aware of when dealing with a foreign buyer in theUnited States:  Does the REALTOR® have an appreciation for the culture, customs and business practices of the buyer?  Get information on the buyer to better match property with their needs. Ask them: Why do they plan to buy real estate in the United States? Is the purchase going to be for investment or personal use?  Has the buyer investigated the property market in the area and considered issues such as growth potential, liquidity of the resale market?  How long does the buyer plan to stay in the United States? Depending the length of the stay, has the buyer considered: Where he/she wishes to work in the United States and obtained the appropriate visa, if necessary; Limits on out-of-country medical coverage for their provincial/territorial health plan; Whether he/she should obtain private medical insurance.  Is the buyer aware of the tax consequences to owning/disposing real property in the United States?  Are there any unique state or local requirements relating to: Insurance (Hurricane/Earthquake); Property taxes, utilities, other fees; Restrictions on certain historical properties.  Has the buyer made appropriate arrangements for his/her property in Canada, including: Discussed with their home insurer, any issues if his/her property will be vacant for an extended period of time; Arranged for mail to be forwarded or picked up by family, friends, or neighbours; Made arrangements to have the Canadian property maintained (grass mowed, leaves picked up etc.).  Is the buyer aware that certain credit card companies may flag or deny significant or unusual transactions made out-of-country and made appropriate arrangements?  Has the buyer considered what banking options exist to obtain U.S. currency for his/her day-to- day purchases at the best possible exchange rates?  Is the buyer aware of the coordinates of the nearest Canadian Government office should he/she lose their passport, have questions, etc.REALTORS® should feel free to modify the above checklist to reflect local conditions and laws.Compiled by The Canadian Real Estate Association. Please contact Simon Parham, sparham@crea.ca, if you noticeany inaccuracies. Information accurate as of September 12, 2012.
  2. 2. The following information is for information purposes and is not legal advice or a substitute for legalcounsel. Issues to Be Aware of When Dealing with Property in a Foreign JurisdictionBuyers outside the United States have additional considerations to think about:  For new developments, does the company marketing the development have a good reputation?  Are there any restrictions on foreigners owning property? For example, in Mexico, the Mexican constitution prohibits foreigners from owning property within a certain distance of the U.S. border.  How are properties marketed in the jurisdiction? Are MLS® Systems prevalent in the jurisdiction or is some other method used?  How does the buying process work? For example, in the U.K., when a buyer’s offer is accepted, there is no deposit required, but also no binding contract until binding agreement signed.  How stable is the local currency?  The name of a local expert to consult if more information is needed.REALTORS® should feel free to modify the above checklist to reflect local conditions and laws.Compiled by The Canadian Real Estate Association. Please contact Simon Parham, sparham@crea.ca, if you noticeany inaccuracies. Information accurate as of September 12, 2012.

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