Park City International Buyers
This page is dedicated to international buyers looking to purchase real estate in Park City, Utah, and a guide to buying a property if you're a foreign national. International buyers make up approximately one percent of the owners of homes and condos in Park City, Utah.
We will review how to start your search for Park City Real Estate, who pays for your Realtor, what documents are required for foreigners to buy a Park City property, the best types of property to buy if you live outside of the USA, mortgage programs, tax issues regarding real estate income, closing/settlement, and the top areas of Park City for easy management of the home or condo.
Starting your Park City Real Estate Search
Buying a property in Park City, Utah, when living abroad can be easy.
The Park City MLS and this website ensure all real estate broker listings are available to buyers using this website within minutes of being uploaded. It may take up to 72 hours for some sites to syndicate listings, but our website refreshes EVERY 15 MINUTES to be current. Try our map search to find your new Park City property.
So let me do the work for you. Once you let me know what you are looking for, I can do the legwork for you and send you only the most relevant properties so that you are not spending hours sorting through hundreds of listings. There are also times that I can find properties for you that aren't currently on the MLS.
Who Pays for the Service of a Park City Realtor?
In the Park City area, commissions are typically paid for by the seller and split equally between the buyer's and seller's brokers. Often, buyers don't have to pay an agent working for them as a buyer's agent. Therefore, working with an experienced independent agent is always advised to help negotiate and protect your interests.
Identification Documentation for Foreign Nationals:
To purchase a property, you'll need to be able to prove who you are. You do not need to be a citizen of the United States to buy property here, but you will need an Individual Taxpayer Identification Number (ITIN). https://www.irs.gov/Individuals/General-ITIN-Information
The Best Types of Properties for Foreign Buyers in Park City, Utah
There are several types of real estate properties to choose from around Park City. For different reasons, you may consider single-family homes, condominiums, land, or commercial property. You may want to consider a single-family home if you enjoy entertaining and have guests visit your ski property.
Condominiums are low maintenance, and many can be rented out nightly to offset some of your holding costs. Land typically is purchased for speculation and where one believes the market will be in ten to twenty years. Lastly, commercial property is not abundant in Park City, but as our economy grows, there could be a greater need for commercial property.
Foreign National Financing - Mortgages are Possible
Foreign National Mortgages for Homes, Condos, and Condo-Hotels.
Finding the funds for international buyers to finance properties can be challenging. I have the recommendation of a long-time Park City mortgage broker that can finance 60% of the purchase price of a home, condo, or condo-hotel. The interest rates are competitive, especially for condo hotels.
Finding a mortgage broker to finance a foreign national buyer can be very challenging in Park City. Wells Fargo, US Bank, and many other brokers cannot finance a property that lives out of the United States. It has taken me years to put a financing team together that allows my out-of-the-country buyers to purchase real estate in Park City with financing. We'll need a buyer broker agreement before sharing the mortgage broker's information.
Tax Specialists, Rental Income, & the IRS:
It is highly advised that you consult with a tax specialist in the state of Utah, a tax specialist in your country of citizenship, and review the IRS website. If you intend to pay cash, talk to your tax specialist about setting up a Limited Liability Company, also known as an LLC. A limited liability company may have some tax benefits for you.
You Do Not have to be in Park City for closing:
When buying a property in Utah, you do not have to be here to close physically. Instead, you may select a representative to have a "Power of Attorney" and close on your behalf or possibly sign the closing documents electronically, with a certified closing process.
Work with a Professional Realtor
When buying real estate in Park City, there is a great advantage when working with a local agent and a local company. Park City offers many custom homes in small neighborhoods that require in-depth analysis to arrive at an accurate sales price. Park City is a very complex real estate ecosystem; there are over 25 real estate markets in Park City and often two or three micro-markets within that sector.
Top 3 Areas of Park City for Real Estate:
Top Park City Real Estate Searches for International Buyers:
- Ski Properties in Park City
- Park City Homes for Sale
- Park City Condos for Sale
- Park City Real Estate
- Luxury Properties for Sale in Park City, Utah