Equity Account

[BWhitehead]

Foreign buyer requested an "equity account" be established for payment of home in US. What is this "equity account"? Thx.

 

[dee_dub]

Google is your friend. http://www.answers.com/topic/homeowner-s-equity-account

It's something the buyer should be setting up. What's your involvement in this transaction?

 

[BWhitehead]

Individual wants to buy my home. My bank him to contact them which he is doing. I assumed he wanted to open an account to deposit funds for the payment. Also advised him to contact my real estate person. Bank says he needs a SSN but I don't know if he is a US citizen or not. Does that make a difference in opening account or buying my home. Thx.

 

[dee_dub]

Having a SSN makes a difference to opening an account. Most banks won't open an account without one (although I understand it is not legally required). It doesn't make a difference to buying a home. Foreigners can own property in the US.