Looking for a Real Estate Company that Specializes in Vacation Home Purchases?
Well You've Found me!
So pack your bags, Get on a plane, The weather here is Beautiful! No Snow Shovels Required!
My specialties are:
Bank Owned Foreclosures & Short Sales
2nd Home Investments
Full credit, income and asset documentation is required for a Canadian National Borrower just as for any U.S. Citizen Borrower (who is not residing out of the country.) The credit reporting agency you currently utilize will be able to provide a Canadian credit report. The 1003 and 1008 is required to reflect all income, assets and liabilities in U.S. dollars, don’t forget to convert the amounts from the documentation using a current U.S/Canadian dollar conversion rate. The Borrower is required to qualify using standard underwriting qualifications. Please call me for a lender referral to get up to date qualifications.
Frequently Asked Questions:
1. Where do I start?
First off, We recommend finding an experience Real Estate Agent that you can trust and rely on for valuable information. Second off, We would like to apply for that job! Feel free to use our website as your main "home search tool". Call or email us with any questions you have. We can also recommend lenders, inspectors, title companies and contractors to help you maintain your home here in Arizona.
2. Are there any restrictions for Canadian buyers purchasing homes in Arizona?
There are no restrictions for foreign nations buying property in Arizona.
3. Where can I stay in AZ while looking for my home?
There are several local motels in the area or you can rent a home for a short term at www.vacationrentals.com
4. How do I obtain financing to buy property?
5. What costs are involved in purchasing a property in Arizona?
Most of the cost involved in purchasing a property will be fees that you pay to the lender, which is primarily done through an title/escrow company. In Arizona, the title/escrow company handles the transaction, there is not an attorney involved.
You will also most likely pay for a home inspection, termite inspection, an appraisal, the escrow (title) fee, title insurance, recording fee, property taxes and homeowners insurance.
A good rule of thumb, is to figure your closing costs will be approximately 3% of the purchase price of the home. This cost will be much less if you are paying cash for a property, around 1%.
Arizona does not have a real estate transfer tax and the seller pays the commission for the real estate agent.
6. What about property taxes in Arizona?
You will be pleasantly surprised by how low our property taxes are. Each city and county will vary slightly, but taxes are usually around .8 - 1.5% of the purchase price.
7. Are Canadian buyers subject to capital gains tax when the Arizona property is sold?
The Foreign Investment in Real Property Tax Act (FIRPTA) imposes U.S. tax on income and gains from real estate owned by "non-resident aliens" at the same graduated rates applicable to U.S. persons. It is recommended you consult an accountant or lawyer for details and how it may effect you.
8. Will Canadians pay tax on rental income generated from Arizona investment property?
This is complex, but yes. The IRS will tax income from real estate owned by nonresident aliens at the same graduated rates applicable to U.S. persons. Again you will need to contact an accountant or your lawyer.
9. What do Canadian drivers need in order to operate vehicles?
Here are some helpful links:
www.service Arizona.com Motor Vehicle Department website
www.azdot.gov/mvd/vehicle/DeInsuredCertificate De-Insurance website
Feel free to tour through my website. When you have some questions write them down, give us a call and we'll gladly go through the entire process with you.