| steven_nospam at Yahoo! Canada 2008-02-25, 1:25 pm |
| I am a Canadian looking at eventually retiring to cottage country, and
one of the areas that has always interested me is the quiet areas in
Maine and Vermont. What I would like to do is buy a plot of land
there, with the intention of making it a summer getaway and my
eventual permanent home.
Has anyone here sold acreage to Canadians and can give me a brief idea
of what is involved? My guess is that I would proceed as follows:
- Find a place advertised on the internet or in a real-estate journal
- Make an appointment to go down and examine the property.
- Make an offer on the property
- Arrange for a notary to handle the sale
Some of the question marks are what type of taxes might be
involved...I am expecting welcome tax from the municipality, but are
there also state or federal taxes? If I buy, what do I need to look
for in terms of allowing me to build on that property for residential?
In Canada, we normally want personal liability insurance for the
property, in case someone gets hurt while on my land, whether legally
there or not. Is this also required in USA?
I'd like to hear your story if you were involved in a sale like this.
Thanks,
Steve N.
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