Wednesday, April 18, 2018
ABA-SIL Annual Conference Underway in New York City -- Panel on Buying Real Estate in Other Countries
The American Bar Association Section of International Law is holding its Annual Conference this week in New York City. The "Annual Conference" is what used to be the "Spring Meeting" for the Section, which combined its Spring and Fall Meetings into an Annual Conference. Attendance is strong and the program is filled with interesting and practical panels.
For example: Are you planning to buy property in another country? Look for properties near major airports, destinations that you can reach in less than six hours of travel, and that have access to health care. That's one of the tips from a panel today on "Financing Your Dream Property Overseas -- Challenges and Opportunities in Mortgage Lending for International Real Estate Developers," a panel organized by the Section's Cross Border Real Estate Practice and co-sponsored by the International Private Client Committee, the International Tax Committee, the International Financial Products and Services Committee, the International Anti-Money Laundering Committee, the Europe, Mexico, Canada, China, and Asia/Pacific Committees. In addition to the "location, location, location" tips being provided, there's useful information about registering title, paying taxes and registration fees, and avoiding various risks in a foreign real estate transaction.
The panel is sponsored by the firm Duff & Phelps, a firm offers expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues.
The speakers on the foreign real estate panel are (from left to right in the photograph): Margaret D. Baisley (Baisley Law, New York); John Hutmacher (Blake, Cassels & Graydon LLP, Toronto, Canada); Bruce Greenberg (Duff & Phelps, Mexico City); Benjamin C. Rosen (Rosen Law SC); Brian X. Franke (Vice President, Mortgage Sales Manager at HSBC); and Gerard Hernandez-Colet (Partner at Cuatrecasas Gonclaves Pereira SLP, Barcelona, Spain).
Another useful tip? Say no when the seller offers to "record" a lower purchase price than you actually pay -- a fraud designed to lower the transfer tax due on the transaction. If you agree to have the seller record a lower price you become a party to a fraudulent transaction and risk criminal prosecution for fraud.
The ABA Section of International Law Annual Conference continues with programming until Friday and a Section Council Meeting on Saturday. The conference is being held at the Grand Hyatt in New York City.