Please consult with your attorney, accountant, and real estate professional before making any decisions to buy real estate. The purpose of this map is to supply with you with ideas that may or may not be involved in the process. Each transaction will be different for each country, state/province, and local municipality as each area has its own laws that govern real estate.
Currency conversion, http://www.xe.com/ucc/
Transferring of funds, http://banking.about.com/od/howtobank/a/bankwiretransfer.htm
Usage, Vacation/2nd home, http://www.washingtonpost.com/blogs/where-we-live/post/buying-a-vacation-home/2012/05/29/gJQAuMvvzU_blog.html, Primary residence, http://www.realtor.com/home-finance/mortgages/before-buying-home.aspx?source=web, Commercial/investment, Income producing, http://rismedia.com/2009-09-19/top-12-tips-for-buying-an-investment-property/, Speculation, Property management, Assigned by property type, Resort, Short term vacation lease, Fixer upper, Find contractors, Find property managers
Location, Transportation, Local, Car, http://gasbuddy.com, http://www.autotrader.com, http://www.insurance.com, Bus, http://www.greyhound.com, Rail, http://www.amtrak.com/home, International, Air, http://www.airnav.com/airports/, http://kayak.com, Tourism, Why Belize? http://www.youtube.com/watch?v=JDiKKNXQuLo, Attractions, Events, Sports teams, Concerts, Nightlife, Neighborhoods, http://www.zillow.com, http://www.neighborhoodscout.com, City highlights
Visa requirements, http://travel.state.gov/visa/immigrants/types/types_1326.html
Customer needs financing
Customer is a cash buyer, Bank statement of funds, Wire transfer of funds
State taxes, http://www.stateofflorida.com/Portal/DesktopDefault.aspx?tabid=29
Federal taxes, http://www.irs.gov
How they are calculated
Gain, Retirement, Healthcare, Hold property for longer term, Only 70 years in China, Only 99 year land lease in Mexico, Create wealth, Maximize tax deductions, Transportation, Flight expense, Hotel expense, Amortization http://www.myamortizationchart.com, Investment accounts, http://en.wikipedia.org/wiki/Real_estate_investing
Lose, Must prioritize issues before making a decision, Social security, Benefits, Healthcare, Collecting pension, Taxation on pension, Lose social security benefits if gone more than 6 months (Canada), Lose country citizenship (China), Insurance, Tax breaks
Kiss bow and shake hands http://www.amazon.com/Shake-Hands-Bestselling-Business-Countries/dp/1593373686
Agreements in place to secure commission
Wire for US must be initiated from and to the real estate broker
A CPA, knowledgeable and seasoned finance expert as well as foreign association should be involved to educate and create a template on finalizing deals for the referring partners
Justifying foreign legal license capacities, payment to brokers (not agents) and/or mandatory or optional withholding taxes, issuances of a tax certificate, transfer of compensation (in the country closing real estate deal currency) which may create further need to consider for example services of Moneycorp to repatriate, wire and transfer funds.
May need to use CRS, TRC, ICREA's or "in house" referral agreement, issuance of proper invoice and billing, justifying correspondence
Introduce buyers agency, Working with a Florida Realtor http://youtu.be/d6p0E17kv-c, Get certified CIPS http://www.realtor.org/designations-and-certifications/cips-designation, Find an area of specialization, Pick one or two countries, Have you traveled abroad?, Do you speak another language?, If not find a translator, Get TRC (Transnational Referral Certification) http://WorldProperties.com, Read a variety of publications, Miami global investors guide, Global economy, Networking, Real Buzz http://www.real-buzz.com, Social media, China http://qzone.qq.com, Brazil http://www.redimob.com.br, 1. Create value for representation, http://www.realtor.com/home-finance/homebuyer-information/hiring-buyers-agents.aspx?source=web, 2. Sign the agreement, http://en.wikipedia.org/wiki/Buyer_agency_agreement, 3. Coordinates the process of the transaction, 4. Ask for referral
Explaining the terms syllabus, Contract is a binding agreement, not a verbal understanding., Definitions, Townhome, Villa, Attached home, Cluster home, Buyer agent vs Listing agent, Who pays the commission?, Notary, Notar in Germany is appointed by the government and writes the contract., Title insurance, There is no title insurance in Europe
Holds the money in escrow to fund the transaction
Money laundering laws, http://www.realtor.org/articles/anti-money-laundering-guidelines-for-real-estate-professionals, Can't wait to the last minute to transfer funds. They must be seasoned.
Opening a bank account, Personal, Corporate, LLC, or a trust account Not very easy
Immigration/visa, US Citizen and Immigration Services http://www.uscis.gov/portal/site/uscis
Estate planning, How the estate is transferred upon death, Passing on property to children/or spouse/or third parties foreign providing laws or US-foreign fiscal convention allows it
How to take title, Joint tenancy, Couples, Single, Trust
Make recommendation to a local CPA
May disagree with the lawyer on how to structure the transaction
Taxes may be more/less depending on where the money is coming from
Laws to be aware of, State taxes, http://www.stateofflorida.com/Portal/DesktopDefault.aspx?tabid=29, Federal taxes, http://www.irs.gov
How real estate taxes are calculate in US, Some countries do not charge on annual basis
Must have a credit score to get property insurance
Away more than 90 days you have to pay higher premium (10 - 20% higher)
HUB international insurance http://www.hubinternational.com, Property, Home
Life insurance to pay estate tax, They can take in their own country which may be less expensive in local currency.
Health insurance, Considerations for each country, http://www.expatforum.com/expats/france-expat-forum-expats-living-france/59242-repatriation-insurance-question.html, http://www.cfe.fr
Travel insurance, http://www.allianztravelinsurance.com, http://www.mondial-assistance.fr/#
Do they speak the language?
Do they understand cultural differences?
We cannot suggest partners because of liability, We can suggest a few people to avoid liability
Make your own list based on referrals
Explain title insurance
Explain closing process
Searching on the MLS
Searching company website
Property type, Single home, Villa, Short sale, Foreclosure, New construction, Condo, Farms/acreage, http://www.dep.state.fl.us/lands/faq.htm, Lease, Find a property manager
Public records, Property tax information, Ownership records, Schools
Lease vs vacation home
55+ demographic (80% rule)
County appraisers http://dor.myflorida.com/dor/property/appraisers.html
Appraisal (if needed)
Explain deadlines for contract
Boat slips, Inspection for canal, sea salt water, bodies and open Ocean slips and davits: think of CCCL (code) + may need to verify if dragging is required some time in the near future (cost) or to check the sea walls by specialized divers (expensive!).