Foriegner Buying Property in US
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Foriegner Buying Property in US
My friend from germany is trying to purchase property in the united states. We are not sure what the rules and regulations regarding a foreign citizen buying property are when it is an investment.
Asked on October 11, 2017 under Real Estate Law, Washington
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Foreign real estate investment in the U.S. is open to anyone. Basicslly, so long as they can afford to buy the property or at least comply with the mortgage requirements and payments If a mortgage is needed), they can secure for themselves a property. Regardless of what kind of real estate they are interested in, there are possible tax ramifications, financing options and legal requirements that must be dealt with. For example, they would need an Individual Taxpayer Identification Number. Bottom line, if someone is considering buying a property in the U.S., they should consult with a real estate attorney. They can review the sales contract, check on the title and other documents relating to the property, as well as look over any mortgage documents and make the necessary adjustments relating to various expenses involved in the purchase. They can also help with tax questions or at least recommend an accountant who can. Bottom line, they can guide the through the whole process to make sure that they will be legally protected.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Foreign real estate investment in the U.S. is open to anyone. Basicslly, so long as they can afford to buy the property or at least comply with the mortgage requirements and payments If a mortgage is needed), they can secure for themselves a property. Regardless of what kind of real estate they are interested in, there are possible tax ramifications, financing options and legal requirements that must be dealt with. For example, they would need an Individual Taxpayer Identification Number. Bottom line, if someone is considering buying a property in the U.S., they should consult with a real estate attorney. They can review the sales contract, check on the title and other documents relating to the property, as well as look over any mortgage documents and make the necessary adjustments relating to various expenses involved in the purchase. They can also help with tax questions or at least recommend an accountant who can. Bottom line, they can guide the through the whole process to make sure that they will be legally protected.
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