Having sold Real Estate in Canada prior to moving to Arizona, I quickly realized that there are differences in the way property is conveyed in Arizona and in general, the way people do business. I set up a group of individuals in the areas of Lending, Title, Foreign Tax Advise, Inspection Services and Trades. It is important to work with individuals who understand the concept of working with Foreign Investors.
Phoenix Real Estate for Canadians
BUYING PROCESS-Buying property in the US is complicated and you may find your first purchase challenging. I am here to guide you through the process with ease.
The first thing is to decide on is, if you need financing. As an investor outside of the US, most lenders will require 30% down. I can recommend a great lender who would love to work with you.
After we find the property, and write a contract, there is a 10 day right to inspect the property. In most cases, sellers expect a request for repairs. I have a number of inspectors that I can recommend who are licensed and have been in business for many years.
Arizona is a Title State, so instead of using Lawyers, we use Escrow/Title Companies. Typically, we use the same Escrow Officer throughout the whole process who will make sure everything is recorded properly and previous liens are paid off.
SELLING PROCESS-Selling property here in the US doesn’t go without its complications for foreign investors. In most cases there is a 10 to 15% withholding of the sales price that is sent into the IRS. This withholding (much of it) will be refunded once your US tax return is filed. I will help you thru that process by getting your US tax return prepared. In most cases there is a 15% tax on your gain. The difference of what you bought it for and what you sold it for less your allowable expenses.
Although this is a very brief outline, I hope I have answered some questions you may have. You can always email me at Tiffany@AZSun4u.com or call me at Direct 602-828-8996. I am here to help!!
The Sun Shines every day in Arizona and that is only one great reason to become a part of it!
Tiffany Joy Haynes
Realtor®, GRI, ABR, CRS, CDPE
P.S. If you want to buy or sell a property anywhere in the US or Canada, I have associates who work with me and come from a similar background. Many of them are Canadians (like me) who are also Specialists. I would love to give you their names as they too understand the buying and selling process for Canadians in the US.