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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118658
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I live in Canada and was interested in buying real estate in

Customer Question

Hi - I live in Canada and was interested in buying real estate in the U.S. and was told by a realtor that before I can buy the property I need to have the money in a U.S. bank account for 30 days. She said this is what happened to a client of hers from Saudi Arabia. Can you confirm? Thanks.
Submitted: 11 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
That is not quite the case. The money merely needs to clear the bank when you deposit it in the US account prior to purchase. That can take 4-10 days before the sale from Canada, while other countries it can take longer. So, she may be telling you 30 days to be on the safe side, that is not the law. Once you have identified the property, you need to have the funds in a US bank account and cleared for release so it is up to the bank in the US as to how soon they will verify the funds in the account for release and for transfers from Canadian banks it is usually 4-10 business days.
So you need to open a US account and have one established and have funds available in that account prior to purchase however long that will take. IF you do not already have a US bank account, opening one as a non-US resident can take 30+ days, so you need to get that done and have that established to be verified for purchase.
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Customer: replied 11 months ago.
Thanks for your response. So I can't just provide a certified cheque from my bank in Canada in U.S. funds for the purchase?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
No, not many realtors or sellers will accept such a payment. Unlike in Canada (where even there cashing a US cheque can be a pain) cashing a Canadian cheque in the US is virtually impossible at most banks without jumping through a ton of regulatory hoops. So the only way to do this is you opening a US account and transferring your funds from Canada into a US account to make the payment.