For purchasing a home for revenue property or as a vacation home in the Greater Phoenix Real Estate area it is recommended to open a bank account here….it just simplifies things for you.
In the case of an investment property, you’ll need an account that rent cheques can be deposited in to make payments for sales taxes, income taxes, etc. The tenants are responsible for utility payments of course but for the incidentals it makes it necessary to have a bank account.
For vacation home purchasers, all of the utility payments and Home Owner’s Association fees can be set up on auto-debits. But what about all the small monthly expenses like security system monitoring, paying the gardener, the pool guy for weekly visits and other incidentals that can arise?
The bank that we personally use is called BMO Harris and they have an online banking system that you can set-up for payees. This enables you to send payments to these small businesses. The best part about it is that BMO Harris will, upon your direction, mail the gardener, pool guy, etc the cheque for payment. They will even pay for the stamp!
If you don’t have the time to go in to our branch when you’re here working with us, our personal banker will email to you a kit to open up an account from back home. I don’t know of a single American bank that will open up an account for you without being here but our banker has a trust factor for the Lavine Team and knows that we personally know each client and she is willing to extend this tremendous service to our clients exclusively. The kit requires you to have some identity statements notarized and fed-exed back to her and it’s a fairly easy process that she will walk you through to get things started. Then you can wire money from your Canadian bank in to your American bank to get the account completely opened and working for you….isn’t that awesome??
One more pleasant surprise that I have been saving to mention…..BMO Harris Bank is owned by BMO. SO they are owned by a Canadian bank! There are more than 350 branches across the USA of which there are about 75 branches in Arizona. There are mortgage options available for Canadians to buy property in the Greater Phoenix Real Estate area.
The Lavine Team will be pleased to connect our clients purchasing properties with our personal banker for her superior service and dedication.
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