Friday, July 16, 2010

Questions to ask your realtor before buying in the US

Canadians buying real estate in the US should ask the following questions of any realtor they meet:
1. What is FIRPTA?
2. What is the 180 Day rule?
3. Do you know where I live?
4. What happens if I have an income from my property in the US?
5. Do I need a US Social Security numbr to buy real estate?
If they don't know the answers to these questions without going to the internet to do research, find another realtor. Any realtor dealing with Canadians should know the answer to these questions. If they don't even know where you live, they are most likely only interested in their commission, not finding the right house or ensuring that you are well taken care of.
I find realtors all the time who think Alberta is a city, Ottawa is a state, and Vancouver is near the Arctic Circle. If they don't even take time to know more about you, will they do a good job on anything else?
As a buyer, you need to know the answers to the first 2 questions, and your realtor should have written information to give you about both. If they tell you they will find out, that's not good enough. If they have dealt with other Canadians, they should know the answers already. If they don't, call another realtor who does.

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