- Real Estate: Purchase and Sales Agreements, Deeds and Conveyances, Financing and Title Issues.
- Property Rights: Easements, Covenants, Agreements, Adverse Rights and Disputes.
- Land Use: Permits and Approvals, Property Development and Environmental Compliance.
Canadian Non-U.S. Residents Buying Real Estate in Washington State
- Buying Real Estate in Washington is different from B.C.
- Plan before and consider a B.C. Trust or other alternatives to hold title with your B.C. Lawyer, as well as other alternatives in Washington.
- “Closing” or completion documents are usually prepared by an escrow agent (usually affiliated with a Title Insurance Company), and not by an attorney as in B.C.
- South of the Border, Title Insurance Companies insure the ”title” and certain matters may or may not be covered. But recognize that it is possible for a property owner to lose property rights by adverse claims over time. So there is often risks in any real estate transaction.
- In order to reduce the risks, it is recommended that a buyer obtain a survey before completing the purchase of Real Estate in Washington.
Canadian Non-U.S. Residents Selling or Gifting Real Estate in Washington State
- A sale of U.S. real estate requires the buyer to withhold 15% of the amount realized by the foreign seller on most transactions unless exempted.
- A sale of U.S. real estate may result in U.S. tax liability to the foreign seller although the tax rate may be reduced by capital gains treatment. Any tax paid in the U.S. may be a credit against taxes owed in Canada.
- A gift of U.S. real estate is generally not favorable and may result in U.S. tax liability. Non-U.S. residents are generally limited to gifting $15,000 USD per year of U.S. based assets tax free.