How to Buy U.S. Real Estate with the Personal Property Purchase System: A Canadian Guide

HOW TO BUY U.S. REAL ESTATE WITH THE PERSONAL PROPERTY PURCHASE SYSTEM

If you are thinking about buying real estate in the United States, either as a vacation property or an investment opportunity, this book provides you with comprehensive yet easy–to–understand information. Kimberley Marr, a Canadian real estate broker, has teamed up with a group of cross–border legal and tax professionals, mortgage specialists and U.S. real estate brokers each with years of experience. The Personal Property Purchase System outlines processes and considerations when purchasing property in the United States.

U.S. destinations, especially in the Sunbelt, are popular choices for Canadians who are looking for a vacation/second property or investment opportunity. Statistics show that Canadians have been among the largest foreign groups of buyers of U.S. real estate. Price, accessibility, strength of the Canadian currency and similarities in culture are the primary reasons. But, you must keep in mind that the U.S. is a different country, with different laws. You need to be aware of these laws and comply with them.

How to Buy U.S. Real Estate highlights important considerations in deciding what you want in a U.S. property, in what location and at what price. You will learn about Canadian and U.S. mortgages, titling options, foreclosures and short–sale property, medical and other insurance needs, currency issues, and much more.

"Put the Personal Property Purchase System to work for you. It will provide you with valuable information and help you make the decision that is right for your personal or investment strategy."— PAMELA ALEXANDER, CEO RE/MAX® Integra Corporation

"Kimberley Marr has demonstrated outstanding cross–border knowledge as a real estate broker, and has written a terrific primer that is a must–read for all Canadians looking to buy U.S. real estate."— DAVID ALTRO, Attorney, Managing Partner, Altro & Associates, LLP

"A well–written and thoughtful guide to purchasing U.S. real estate. The tools and checklists are so helpful that I plan to use them for my next home purchase."— SUSAN INEZ POSKUS, President, Thomas C. Roberge & Company

1 The Opportunity 1

2 Creating Your Personal Purchase Plan 9

3 Let’s Talk about Mortgages 29

4 Only in America, You Say? 45

5 How to Hedge Exposure to Currency Risk 51

6 How to Set Up Your Budget 59

7 Key Considerations Regarding Location 65

8 How Long Can You Stay in the U.S.? 71

9 Ownership Options and Estate Planning 81

10 Nonresident Estate Planning 95

11 What You Need to Know about Tax Filings, Gains, and Foreign Tax Credits 101

12 You’re Prepared and Ready to Buy: Now What? 111

13 How to Buy Distressed Real Estate 135

14 Medical Insurance 149

15 Renting Your Property 157

Epilogue 167

Appendix 169

Acknowledgements 171

About the Author 173

Index 175

Kimberley Marr, CAAP, ABR®, IRES, is a 23–year veteran and multiple award–winning real estate broker.