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Could I purchase a appartment in joint name under following conditions ?

I wish to purchase an appartment as joint property with another Indian who resides in India. I am working in Seattle with work visa. We wish to purchase with cash, that is without any mortgage.Is it possible.?
  • August 13 2014 - Downtown
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Answers (3)

I think you really should consult an attorney practicing this sort of law, rather than a real estate agent.  If you'd like to contact me I could give you some names.  Then you can move on to actually finding a place to buy!
  • August 14 2014
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Profile picture for pramod shukla8
Thanks for reply. I am looking for condo, preferably in downtown in Seattle, Bellview, or nearby area. A two bed room, two bath type condo. Our combined budget is 250-300k USD. As per current rule Govt of India allows 125K USD remmitence to USA for buying real estate. This limit could be used by my friend to purchase jointly, provided it is allowed as per US laws in WA state. What documents are needed for such purpose? I am looking for this clarification , if you could help.
  • August 14 2014
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Do you mean a condo or do you mean an entire apartment building?

I don't know of any reason that you couldn't buy any property with cash, even if you didn't live here.  Note though that the IRS has some provisions for withholding a portion of the proceeds on the sale of real property by non-residents and/or non-citizens.  You should consult an attorney about those provisions because you want to know about them before you buy.

I would also consult an attorney about issues of jointly owning property with another person who is not your spouse.  You would likely need some sort of agreement regarding management and how to settle disputes, including disputes on the issue of when to sell.  You will each also likely need some protection against creditor claims of the other partner.
  • August 13 2014
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