What to ask foreign buyers
02/17/2016 | Author: Editorial Staff
International homebuyers are responsible for billions of dollars in Texas home sales, but they can present unique challenges for Texas REALTORS®. One key to successfully serving these clients may be knowing which questions to ask them.
How long will you be in the country?
If your client uses a visa to visit the United States, find out about the type of visa he or she holds and its expiration date. Owning a property in this country doesn’t necessarily mean they can occupy the property.
How are you planning to pay?
If your client plans to pay in cash, you may want to help him or her ensure the funds can easily be transferred to the U.S. before even looking at properties.
Will you rent out the property?
The IRS has certain requirements concerning the rental income of what the agency refers to as “foreign persons.” The manager of such a property is responsible for reporting to the IRS annual rents collected and sending a percent of collected rental payments to the IRS. If your client plans to rent out his or her property, suggest they hire a property manager who has experience working with foreign owners.
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
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