Buying in Queens from abroad can feel like two projects at once: finding the right home and navigating U.S. process, paperwork, and timelines. You want a straightforward path that respects your time and keeps risk low. Below, you’ll get a clear rundown of what to expect in Queens, from property types and financing to closing costs, taxes, and a simple step-by-step checklist you can follow. Let’s dive in.
Queens property options
Queens offers condos, co-ops, and 1–4 family homes. Condos and 1–4 family homes are generally more straightforward for non-U.S. buyers. Co-ops can be restrictive for non-U.S. residents and usually require board approval and extensive documentation.
If you plan to finance, note that some lenders are more cautious with co-ops and may require more documentation or limit programs. Cash can simplify and speed up your closing by removing lender approval and appraisal timing from the critical path.
Timeline from offer to keys
Most financed purchases in Queens close in about 4 to 12 weeks from accepted offer to closing. Cash deals can close faster, often 2 to 6 weeks. Co-ops and complex underwriting can extend timing to 8 to 16+ weeks.
Typical milestones
- Offer and negotiation: days to 1 week
- Attorney review and contract signing: 3 to 14 days
- Mortgage application and underwriting: 3 to 8 weeks
- Appraisal and inspections: 1 to 3 weeks
- Co-op board approval if applicable: 2 to 8+ weeks
- Title and municipal searches: 1 to 3 weeks
- Schedule closing and transfer funds: 3 to 7 days once clear to close
Common delay points for non-U.S. buyers
- Verifying foreign income and assets, notarizations, apostilles, and translations
- Applying for an ITIN if needed for tax reporting
- Co-op board interviews and extra background checks
- International wire timing and foreign exchange clearance
- FIRPTA withholding issues when the seller is a foreign person
What documents you need
Identity and tax IDs
Have your passport and, if applicable, your U.S. visa or residence permit. If you do not have a Social Security Number, you may need an ITIN for tax reporting. ITINs are obtained using IRS Form W-7 and can take weeks to process, so start early.
Proof and source of funds
Expect to provide recent bank statements, reference letters, and investment statements. Be ready to document the source of large deposits such as a property sale, business exit, or inheritance. If your funds are in another currency, outline how and when you will convert and wire them.
Financing paperwork
If you plan to take a mortgage, lenders commonly ask for:
- Two years of personal or corporate tax returns, or translated foreign returns
- Employment letter or self-employment evidence
- International credit history or bank reference letters
- Passport and visa, ITIN or SSN
- Proof of down payment and cash reserves
Many foreign national programs expect 20 to 50 percent down, and rates may be slightly higher with fewer product options. Some lenders limit financing for certain co-ops or condo buildings.
Personal vs entity purchase
Buying through an LLC or corporation can help with privacy and liability but adds paperwork. You may need formation documents, an operating agreement, resolutions, certificates of good standing, and an EIN. Lenders can have stricter rules for entity purchases, and there can be tax and reporting implications.
Power of attorney
If you cannot attend closing, a power of attorney can work, but it must meet New York requirements. Foreign POAs often need notarization and an apostille. Have your attorney review the document early.
Co-op board packages
If you buy a co-op, plan for a detailed application. You will likely submit financial statements, tax returns, bank references, employment verification, and personal references, plus attend an interview. Some co-ops require substantial post-closing liquidity.
Who is on your deal team
- Buyer’s real estate agent. Helps identify properties, structure offers, and coordinate tasks. Experience with international clients and Queens co-ops and condos is a plus.
- Buyer’s attorney. Central in New York. Reviews and negotiates the contract, runs title due diligence, prepares closing documents, and advises on structures like LLCs and powers of attorney.
- Mortgage lender or broker. Sources programs that work with international borrowers and manages underwriting and appraisal.
- Title company or closing agent. Handles title searches, title insurance, and funds disbursement. Performs KYC and AML checks.
- CPA or cross-border tax advisor. Guides U.S. tax planning, including rental income, withholding, and estate exposure, and can support ITIN applications.
- Inspector or engineer. Recommended for houses and often helpful for condos when permitted.
- Appraiser. Required by lenders.
- Translator. Provides certified translations if any documents are not in English.
Taxes, fees, and closing logistics
Expect transfer taxes, title insurance, recording and lender fees, attorney fees, and miscellaneous costs. In New York City, buyers typically pay title-related and lender costs, while sellers typically pay broker commissions. Local practices can vary.
- Mansion tax. New York State imposes a 1 percent tax on residential purchases at $1,000,000 and above. Confirm current rules and thresholds before signing.
- NYC Real Property Transfer Tax. New York City charges RPTT on conveyances. The rate and structure depend on price and property type. Verify the current schedule with the NYC Department of Finance.
- Rental income taxes. Nonresident owners with U.S. rental income must file U.S. returns and follow withholding rules. Treaty benefits vary by country.
- Estate tax exposure. Nonresident noncitizens face U.S. estate tax on U.S. assets, with a historically much lower exemption around $60,000. Discuss structures and planning with a cross-border advisor.
- FIRPTA. If the seller is a foreign person, the buyer may need to withhold a portion of the proceeds for the IRS. Address this early to avoid closing delays.
For wires, confirm instructions directly with your attorney or title company using known phone numbers. International transfers can take several days to clear. Build wiring time into your closing schedule.
Your streamlined closing checklist
Use this timeline as a working plan and share it with your deal team.
Pre-search — start 2 to 4+ months out
- Confirm if you will buy with cash or financing and gather your primary ID.
- Engage a New York buyer’s attorney and a Queens-savvy real estate agent with international experience.
- If financing, speak with lenders or a mortgage broker that works with foreign nationals to estimate down payment and documentation.
- Begin your ITIN application if you expect to need one.
Pre-offer — 2 to 8 weeks before you bid
- Assemble proof of funds and bank reference letters. Arrange notarizations, translations, or apostilles as needed.
- If buying via an entity, prepare formation documents and confirm lender and building acceptance.
- If you plan to close via power of attorney, draft and validate it now.
After accepted offer
- Provide full ID and KYC documents promptly to your lender and title company.
- Deliver verified proof of funds for your down payment and closing costs.
- Submit your mortgage application and schedule the appraisal.
- If a co-op, start the board package immediately and prepare for the interview.
- Work with your attorney on title review and any building-specific questions.
- Set a currency conversion and wire plan, and verify wiring instructions by phone.
- Loop in your cross-border CPA to align on rental plans, FIRPTA considerations if the seller is foreign, and estate planning.
Final week before closing
- Clear all lender conditions and lock a closing date.
- Arrange final wires to the escrow account and allow for international transfer timing.
- Provide any required original documents to your attorney or closing agent.
- Confirm who will attend the closing and finalize any power of attorney.
Post-closing
- Store your deed, closing statement, title policy, and loan documents securely.
- Notify your CPA to prepare for tax filings and reporting.
- If renting the property, set up management, withholding, and compliance procedures.
Ready to buy in Queens?
With the right team, you can move from offer to keys on a predictable timeline and with fewer surprises. Focus on early document prep, clear funds sourcing, and a wiring plan that matches your closing date. If you want a private, concierge-level process tailored for cross-border buyers, request a consultation with a trusted local advisor. To start a confidential conversation, Request a private consultation with Unknown Company.
FAQs
How long does a Queens purchase take for non-U.S. buyers?
- Most financed deals close in about 4 to 12 weeks, while cash can close in 2 to 6 weeks, with co-ops sometimes extending to 8 to 16+ weeks.
Do I need a visa or SSN to buy in Queens?
- You do not need a visa to buy property; if you do not have an SSN, you may need an ITIN for tax reporting, which can take weeks to obtain.
What down payment do lenders require for foreign nationals?
- Many foreign national programs expect 20 to 50 percent down, with slightly higher rates and more limited loan products.
Are Queens co-ops suitable for international buyers?
- Some co-ops can be restrictive and require board approval and strong liquidity; condos and 1–4 family homes are often more straightforward.
What taxes and fees should I expect at closing?
- Budget for title and recording costs, lender and attorney fees, NYC transfer tax, and the NYS mansion tax of 1 percent on purchases at $1,000,000 and above.
Can I close from abroad with a power of attorney?
- Yes, many New York closings accept a power of attorney, but foreign POAs often need notarization and an apostille, so have your attorney review it early.
