I live in chicago and I want to buy a property with my uncle, but he lives in another country. Can we buy the property together?

Asked by muzdi, Chicago, IL Sun Dec 16, 2012

Do we pay taxes as Foreign Investors? Even though live here in chicago. What are the steps that we need to be able do this?

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Joseph Hasti…, Agent, Bayside, NY
Mon Dec 17, 2012
Hello Muzdi. Yes, as others here have indicated, you can indeed purchase property with another who does not reside in America. Whatever the tax implication are in your uncle's country, he will deal with that there. There would be no issue here other than your monthly carry charges which include local and state taxes.

One thing that could help is if he sends/deposits funds into a Bank account you may have here already as all funds will need to be drawn from a local Bank. That would be stated contractually. You might also consider being the owner of record on all documents if Uncle would consider being a silent partner. That would make you the point person and buyer of record. Whatever your arrangment is with your Uncle would be between you both.

Obviously, a cash purchase will avoid a mortgage and that can make things go smoother. You will still need to show income, assets, work history and good credit. Good luck.
1 vote
Thank You.
Flag Sun Jan 6, 2013
Nick Agostin…, Agent, New York, NY
Mon Dec 17, 2012
Muzdi,

It all depends, are you going to get a mortgage or do cash? If you get a mortgage it will be a little difficult but can be done. You have to get the right Manhattan based attorney, that is key. If you would like suggestions on attorneys as well as I can show you some great properties please don't hesitate to contact me.

Nick A. Agostinelli
Licensed Real Estate Salesperson
office 212.729.5712 X144
fax 212.922.0015
NAgostinelli@Elegran.com

ELEGRAN
Real Estate & Development
http://www.elegran.com
1 vote
We will do both cash and credit. Thank You
Flag Sun Jan 6, 2013
Anna M Brocco, Agent, Williston Park, NY
Mon Dec 17, 2012
You can buy together, therefore begin by consulting with any local attorney who specializes in real estate....
1 vote
Thank You
Flag Sun Jan 6, 2013
Robert Krava…, Agent, New York, NY
Sun Dec 16, 2012
Yes, you can. Send me an email at robertk@nestseekers.com to discuss.
1 vote
Thank You
Flag Sun Jan 6, 2013
Robert Krava…, Agent, New York, NY
Sat Oct 5, 2013
The answer is yes. Dont worry about the details. Your real estate broker and attorney with deal with it.
0 votes
muzdi, Home Buyer, Chicago, IL
Sun Jan 6, 2013
Thank You to everyone for replying
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more