Frequently Asked Questions

A 1031 exchange lets you delay capital gains taxes on real estate investments. This is also known as Starker exchange after the man who won the court battle to delay tax on real estate transactions.

There are advantages to selling your home at any time of the year. Traditionally the MOST homes are sold in the early summer…closing before the next school year starts in early August. This means listing your home February-May will be when MOST homes sell. This doesn’t mean though that other times of the year are not good times to sell. Over the holidays for instance…many people do not want buyers walking through their home. If a seller is willing to put up with buyers over the holidays, or if the home is vacant, it will have less competition than the spring months…and buyers will be more serious….less looky loos.

Location is by far the most important part of buying a home. You can change the interior or exterior of a home, but you can’t change the location of a house. If there is one thing, a buyer should never sacrifice its location. The location of a house should be the number one want on a buyer’s list.

Steps For Buying A Home
Select A Mortgage Lender & Get Pre-Qualified
Gather All Your Needed Financial Documents
Learn Your Debt-to-Income
Select A Mortgage Lender & Get Pre-Qualified
Gather Your Mortgage Documents
Partner With A Real Estate Agent
Select A Specific Area To Search For A Home
Visit Homes For Sale
Submit An Offer
Negotiate A Contract
Deposit Earnest Money
Schedule Inspections
Complete The Appraisal
Close On The Home

As you can see, there are many steps within any given transaction, and this is why you need a Realtor working by your side every step of the way.

Hey, Canadian friends! Dreaming of owning a slice of sunny U.S. real estate? You're in luck—there are generally no restrictions for Canadians buying property down south! But, before you dive in, there are a few things to keep in mind.

Did you know? If your U.S. property (including rental properties) plus other foreign assets cost more than CAD $100,000 at any time during the year, you’ve got some extra income tax reporting to do. But don’t worry—it’s not as scary as it sounds. Just be sure to chat with your advisor and get advice from a qualified cross-border tax accountant before making any big decisions.

For Canadian couples eyeing a property in Washington State, there's something important you should know. Washington's Community Property Laws say that any property bought during your marriage automatically belongs equally to both of you—50/50—no matter if you're a Canadian citizen and resident.

Even if only one of you buys the Washington real estate and puts it under their name, the law still treats it as a 50/50 split. So, whether your name is on the title or not, you both share equal ownership thanks to these community property rules. Happy house hunting, eh!

Selling property in the U.S.? Canadian residents, listen up! The U.S.'s Foreign Investment in Real Property Tax Act (FIRPTA) affects you. If you're not a U.S. person and you're selling property in the States, you could face federal withholding taxes of up to 15% of the gross selling price.

But don’t worry, this isn't the final tax. It's credited against your final U.S. federal tax liability. If too much is withheld, you can get a refund by filing a U.S. federal tax return, which will calculate the actual tax owed. Often, the net gain or loss is less than the FIRPTA tax withheld.

Want to reduce that withholding tax? You can apply for a clearance certificate from the IRS. This involves more paperwork and professional fees, which might offset the benefits of reducing the tax.

Good News:
For homes sold under $1 million, the FIRPTA withholding tax drops to 10%.
If you’re selling a property for less than $300,000 and the buyer plans to live there as their primary residence, the withholding tax is completely eliminated!