Buying in trust, foreigners can save on taxes

Part 2 of 2

(Flickr photo by allie_caulfield)

Foreign buyers who successfully cross financing hurdles then need to consider the most prudent way to hold title to real estate.

Lawyers often advise investors — whether foreign or domestic — to purchase property as a limited liability corporation (LLC).

The chief advantage is that LLCs shields their members from financial claims in excess of the value of the real estate.  In other words, an individual’s others assets are protected.

However, Continue reading

Co-op boards like to have residents within reach

(Flickr photo by David Ip)

Co-op boards don’t like to come up empty-handed when pursuing residents who are behind in the monthly payments or otherwise need to be held accountable for their actions.

That’s a key reason that they demand so much information and an interview when someone applies to buy an apartment in their building.

That also is why so rarely will co-op boards Continue reading