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, firstname.lastname@example.org, if you noticeany inaccuracies. Information accurate as of September 12, 2012.
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, email@example.com, if you noticeany inaccuracies. Information accurate as of September 12, 2012.