Hi Rolf,

A few things:

1. Talk to an accountant that is experienced with American real estate investment as the countries differ considerably in terms of taxation of investment properties.

2. The subprime market meltdown has had a dramatic impact on the U.S. lending environment. Because of the economic crisis, lender guidelines and policies have changed dramatically in both countries. In the U.S., there were many mortgages given to just about any candidate. Many individuals were given mortgages beyond their means. When the first large phase of ARM (adjustable rate mortgages) began to raise their rates, foreclosures began popping up all across the nation. Canadians need not fear the same crash here thanks to very different lending environments.

3. Understand that America is also the only country that I know of that allows you to deduct the interest you pay on your mortgage, from your personal income tax return.

Other than these few pointers, you can absolutely buy property here in America and specifically here in Ocean Shores. I would recommend that you contact Debbie Marten at Andrews Legal Services here in town. She deals with a lot of foreigners who do buy property here at the beach. Her number is 360.289.0766.

If I can be of further service, feel free to contact me via email at jeffgdaniel@hotmail.com or fee free to browse more info about Ocean Shores on http://www.cityofoceanshores.com. Thanks and good luck!

A US lender may also require a larger down payment.

I also find that a US lender may require a largert down payment.

You will not have additional requirements when you purchase unless imposed by a lender in the
US or Canada. You will have a 10% additional FIRPTA tax imposed when you sell if you are not
a resident of the US with either a valid green card or citizenship.

An escrow company here (closing company) can answer your selling questions for non-residents of
US. You can e-mail: lindac@kirklandlaw.com and she could answer this for you.
Mary

Dear Mr. Rutishauser:

I am not familiar with Canadian buying condidtions. However, I can tell you that there are no special condiditions in the US that apply to non-citizens.

Regards, Susanne Salem
Premier Realty Grays Harbor
Cel;l Phone: 360-580-8776