Home Buying in Laguna Beach>Question Details

Anthony, Home Buyer in Laguna Beach, CA

My wife and I are thinking of relocating from Canada and would like to understand the rules and regulations of home ownership Regards Anthony

Asked by Anthony, Laguna Beach, CA Tue Mar 6, 2012

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Hi Anthony,

You want to have as much documentation available to your lender regarding your assets (in particular, source of downpayemt), your residency (Fannie Mae does allow non-US citizens), employer history (will need to be verified) and income. Hope this helps!
1 vote Thank Flag Link Wed Mar 7, 2012
Hi Anthony, I've had the great pleasure of spending time in Canada the past couple of years and have many friends in real estate in the Calgary area, it seems to me that most aspects of home ownership are similar. As noted below, tax rates, holding title, and citizenship. Luckily, you have some Canadians answering as well.

Additionally, you'll find that the housing market in Canada is less prone to market swings than in the U.S. due to the stability in the Canadian financial markets and conservative government lending guidelines. If you compare the U.S. housing market to Canada's, you'll find (especially in recent years) much bigger gains AND losses in home values here in the U.S. Foreclosures are also different, and short sales in Canada are non-existent.
0 votes Thank Flag Link Tue Mar 6, 2012
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Best of Luck!
0 votes Thank Flag Link Tue Mar 6, 2012
Hello Anthony, there are actually a few things to know when relocating to a community property state like California. The biggest one is how you and your wife will take title. Also what is your residency status. If you have a green card or citizenship than you are generally ok. As a former Canadian citizen it was a minor adjustment but with the right realtor you will be fine. The last thing I would recommend that you think about aside from possible monthly homeowners dues are the property taxes. Any home you look at will have an average calculation of 1.25% of the sales price in property taxes that will come due four times a year. I was a former Senior Underwriter for a bank and can go over any details with you if you decide to move forward with your home buying adventure. Best of luck to you.
Lara Gabriele
0 votes Thank Flag Link Tue Mar 6, 2012
Hi Anthony,

Welcome - I am also from Canada and moved to California many years ago. The actual process of buying a home here is very similar to Canada. The larger issues you will need to consider are the foreign ownership related issues from both a tax and residency perspective. If you are a Canadian citizen without any type of US residency, I believe your maximum stay cannot exceed 6 months. If you decide to look at Laguna Beach real estate it would be great to meet you and potentially work with you. Good luck with your relocation!

David Grbich
Broker - Ventana Coastal Properties
0 votes Thank Flag Link Tue Mar 6, 2012
Hi Anthony,
Well Welcome to Southern California! I am sure you will love it here.
There are many different communities and there is really no set rules here. Many areas have what we call CCR's which stands for Covenants, Conditions adn Restrictions. And all are a bit different. Basically they are designed to keep the area in tip top shape. They do limit what you can do in the area and to your home. May people find them too strict and choose an area without CCR's.
First thing you should do is find a local Realtor who can show you the various areas and you can ask questions of!
Best of luck to you,
Connie Thompson Bramble
Prudential CA Realty
0 votes Thank Flag Link Tue Mar 6, 2012
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