As a fellow Canadian I am dedicated to making the buying process a smooth and easy process for Canadians when purchasing second homes or investment properties. Our team of professionals will walk you through each step, so you always know what to expect before it happens. Here's a few commonly asked questions that we get from our Canadian buyers.
As an out of state or out of country buyer, do we have any taxes or fees that we pay when we buy a home?
The answer is no. As a Canadian purchasing residential property in Arizona, you pay the same as an Arizona resident would pay. There's not any extra taxes or fee's for you.
Do we need an attorney to close the property like we do in Canada?
Lawyer's are not a necessity to close the property. We use a title and escrow company that performs similar services to what the attorney would do for you up on closing homes in Canada. The Escrow company is a neutral, third party, to the transaction. They are responsible for holding all the funds related to the purchase, they prepare the documentation, and coordinate the signing of the documents. They will also release the property to record when all closing requirements have been met. The title company will do a title search, and also issue title insurance on the property.
Please note that attorney's can always be used to review the contract paperwork, or any other documents, as you the buyer see fit.
On a foreclosure or a short sale listing, do we get to do an inspection?
Yes, an inspection is always recommended. Typically you have 10 calendar days to complete your inspections, and gather any and all information necessary to investigate the property. In a "normal sale" the buyer would request the seller repair certain items. In foreclosures and short sales the properties are purchased in "As Is" condition, so you need to be prepared to repair any defects after the close date. You do want to be certain your inspector is well qualified, and they do not miss any major repair items. So, you'll want to ensure the Agent you work with on your purchase has the experience, and expertise to partner with a great team of professionals.
For more Canadian buying tips, click here for our Canadian buyers guide.