Our Canadian Friends
Welcome My Canadian Friends
Join Us For Some Fun In The Sun!
Now is definitely the time to invest in a second home in the sunny desert. The dollar is good, and the Real Estate market is now stable. What better conditions could you ask for?
I will find you the home best suited to your style, budget and location, be it in Tucson or Phoenix. I am a fellow Canadian who has lived here since 1997 and knows the ins and outs of the Arizona Real Estate Market as well as the little “tweeks” Canadians need to know to buy here.
Email me: Lori@TransitionRealtyAZ.com
About Buying In the US
• You do not need a Green Card to buy in Arizona. There are no restrictions on Canadians buying or selling property in Arizona.
• If you wanted to rent your property here and us it just as an investment, there are lots of Property Management companies to choose from. They will look after the day to day needs of the property for you. Fees are usually 6% to 8% of the rent.
Do Canadians pay any foreign, or special fees or taxes?
• Unlike like some states, Canadians are not charged any additional fees in Arizona. Additionally, Arizona does not have a land transfer tax! (Florida - foriegn owned property is taxed at a higher rate)
• Worried about Capital Gains Tax when you sell? If you make a profit on your investment, you will pay some taxes. This is true in both Canada and the U.S. However, in the U.S, taxes on gains from Real Estate owned by “nonresident aliens” are taxed at the same graduated rates applicable to U.S persons.
Also when you sell, it is typical to expect about a 10% withholding for potential taxes. You may actually owe nothing, or you could owe more. Most homes sold under $300,000 are not subject to this withholding tax.
Because tax laws are so complicated, its best to talk to a financial planner or accountant about your particular situation.
American Mortgages
• You can get a mortgage in the United States so long as you meet standard lender requirements similar to Canadian standards..
• Usually the standard down payment is 25% to 30% of the puchase price.
Requirements Include:
1. International credit report, which the lender will do for you, or letters of credit reference from any 3 lending institutions, mortgage company, utility company, car loan, or line of credit.
2. Bank Statements for the previous 3 months.
3. Current list of assets.
4. Most recent 3 months of credit card statements.
5. Verification of 2 years employment in the same line of work.
• All this information is subject to change.
• Different lenders may require more information.You will need to be pre approved with a lender prior to submitting an offer to purchase.
