What to do if I am a non-US resident who wants to buy property in NY?
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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
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 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.
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