Having sold Real Estate in Calgary for 10 years prior to moving to Arizona I quickly discovered there are vast differences in the way property is conveyed in Arizona and, in general, the way people do business. The first thing I did was set up a team in the areas of Lending, Escrow and Inspection Services who all work well together. It is important to work with individuals who understand the concept of working with Canadian Investors.
Phoenix Real Estate for Canadians
Buying property in the United States 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 how you will finance your investment. How much you want to borrow and what amount you are going to put down. 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 you are interested in, we then fill out a contract where many items such as Strata Transfer Fees, Home Warranties and a number of miscellaneous items can be paid by either the Buyer or Seller. I have a document I can email to you that you may find helpful.
Arizona is a Title State, so instead of using Lawyers, we use 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.
After your earnest money is deposited, escrow is opened and we then have a 10 day right to inspect the property. A Home Inspection and Termite Inspection may cost upwards of $400. If both of these inspections meet your satisfaction, we can usually close escrow (take possession) 30-45 days after the contract has been accepted.
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 602-828-8996.
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.