Home Buying in South City>Question Details

Corey, Home Buyer in Australia

I wish to purchase property in the US, and I am from overseas! Are there any restrictions or any perhaps Tax?

Asked by Corey, Australia Wed May 28, 2008

hurldes I should know about when purchaisng from foreign country?

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6
Please take note that Corey has asked 2 questions. Any restrictions? Any Tax issues?
I can't speak to the tax issues but the LENDERS in the area where he wants to purchase
are the ones who will know about restrictions on a foreign national attempting to purchase
Real Estate in a country where they do not have citizenship.
Best of luck to you Corey!
Rebecca
0 votes Thank Flag Link Mon Jun 16, 2008
I think this particular situation might get complicated when you involve lenders.
0 votes Thank Flag Link Mon Jun 16, 2008
consult a tax professional,

we sell houses, not tax advice
0 votes Thank Flag Link Sun Jun 15, 2008
Hi Corey:
A couple of things come to mind for you. If you have cash you may be able to sail through the process.
If you need to borrow funds you will need to check in with a lender. Usually they require that you have a tax ID number (in lieu of a social security number) or a Green Card to quality for a loan. It may depend on the state that you want to purchase in.
Best of luck to you!
Rebecca
0 votes Thank Flag Link Sun Jun 15, 2008
You may run into some different scenarios in General taxes assesments and in some states (Such as Kansas) we have special taxes that are in addition to the general taxes. As far as tax penalties from not being in the States, I have never heard of any. I am here to help if you would like any further info. in the Midwest.
0 votes Thank Flag Link Mon Jun 9, 2008
Corey,
There are no restrictions when somebody from overseas is buying real estate in South Carolina State (where I practice). However purchasing process in US is different from overseas in most cases and you need to know about this process. Also you need to get familiar with property taxes and fees associated with Real Estate here in US. Please let me know if I can further assist you with such information.
0 votes Thank Flag Link Mon Jun 2, 2008
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