3 Tips For Doing Real Estate Transactions With Foreign Buyers

Posted by Wei Min Tan on October 24, 2017

Publication:  Law 360


Summary:  Law 360 interviews Wei Min Tan and foreign buyer experts on the complications foreign buyers need to be aware of when buying property in New York.  This in light of increasing foreign investments into gateway cities like New York and Los Angeles.  Article covers financing, taxation and differences in customs.


Wei Min’s comments in article: 

Financing can be a problem for foreign investors as well, according to Wei Min Tan of New York buy-side condominium brokerage Rutenberg Realty, because U.S. banks lend to them at higher rates and require larger down payments.

“The key is to work with an experienced mortgage broker who has done many foreigner transactions,” he said. “Just because a bank offers a foreigner mortgage program doesn’t mean all of its bankers are experienced working with foreign buyers, because that’s a niche market.”

And on some deals, it may be necessary to explain concepts that U.S.-based clients take for granted, such as the fact that a trusted third party, and not a family member, should conduct the deal, and that a deal must be written and signed in order to be binding.

“It’s important to explain this to foreign buyers because in many countries verbal agreements are binding,” Tan said.

Contact Weimin

641 Lexington Avenue,
22nd floor,
New York, NY 10022

641 Lexington Avenue,
22nd floor,
New York, NY 10022

About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Work With Wei Min