Q: I am currently living in Vancouver BC, looking for a home in Manhattan. I am wondering if you have a guide to buying real estate in the U.S, as I am
unfamiliar with the buying process there.
A: This is a wonderful time to consider purchasing in New York City, as there are many opportunities in the studio and one-bedroom market. Browsing the internet in advance will help familiarize you with the variety of neighborhoods New York has to offer, and visiting websites like Elliman.com will help you begin to learn about size and pricing. We recommend working with a real estate professional to help you through the process, and would be happy to match you with an agent who best suits your particular needs.
As a non-US citizen, a condominium be your best option, as the requirements for purchase on this type of property are more flexible. Only 10% is due at contract signing, and the balance is due at closing. In order to make your purchase, you will also need to line up reference letters from people such as your employer and personal friends, which will be included in the paperwork.
Establishing banking relationships in the United States, including with a Mortgage Lender, is most important. If you would like us to refer you to a professional at DE Capital Mortgage, we would be happy to do so. Additionally, real estate practices and procedures may differ from those to which you are accustomed, so consulting with a United State Real Estate Attorney who is familiar with Canadian requirements might also be a good first step. Please keep in touch and let us know how we can help you find your home in New York.