What to do if I am a non-US resident who wants to buy property in NY?

UPDATED: Feb 26, 2011

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What to do if I am a non-US resident who wants to buy property in NY?

 I know this is legal but how does that work?

Asked on February 26, 2011 under Real Estate Law, New York


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You are correct - foreign real estate investment in the US is open to everyone, regardless of what kind of real estate you are interested in.  That is as long as you can afford to buy the property or meet with the mortgage qualification requirements.  There are however, certain matters to be considered.

First of all, taxes.  You would need a Taxpayer Identification Number (TIP) which you will need to use with all your tax transactions.  Also, tax rates would vary depending on certain factors (i.e. a corporation would be taxed differently than an individual).  Additionally, state tax laws on real estate properties as they may differ from federal laws. 

You will also need to consider all of your financing options - cash and/or mortgage; bank, individual or investment group, etc.

If you are considering buying a property in the US, you should secure the services of a real estate attorney who is licensed in the state where you intend to buy.  They can review the sales contract, check on the title and other documents relating to the property, as well as look over your mortgage documents, and make the necessary adjustments relating to various expenses involved in the purchase.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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