You do not need to be a resident of the United States to buy real estate in this country, since American law does not restrict the purchase of residential and commercial properties by foreigners. Foreigners do not need any special permission to acquire residential and commercial properties in the United States of America.
The beginning of the way
First of all, you should decide on the state. There are 50 of them in total, and they differ not only in climate, but also in socio-economic conditions, which significantly affects the value of a real estate object. Next, you need to decide on the real estate itself (apartment, country house, townhouse, etc.) and a realtor (in the USA he is called a broker).
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In the United States, you cannot make real estate transactions without a realtor. Be sure to work through a good specialist who is licensed and a member of the NAR (National Association of Realtors). Preference should be given to a specialist who has experience in selling real estate. By the way, all commissions for the work of the broker are paid by the seller, not the buyer.
We can say that this is the most crucial step, because a lot depends on the qualifications and experience of the broker, although you don’t really need to be afraid. As a rule, all brokers are a priori qualified, since it is rather difficult to obtain a license for this type of activity in the USA.
Here, again, it is important to consult with your broker: he will select a good option for exactly the amount that the buyer can afford to spend. In any case, you can get a mortgage, which is much cheaper in America. This is a good option for those who are going to move to the United States and get a job in their specialty. Therefore, it will be possible to successfully live, work and pay off the mortgage.
Conclusion of a contract for the purchase of real estate in the United States
The transaction from start to finish will take no more than a month, if we are not talking about buying an apartment on credit. If the object is selected, the price suits, and the broker is already ready to start work, then he prepares an offer – a standard contract, which is drawn up by the real estate association of a particular state. The document is signed by the buyer, and the broker sends these papers to the seller.
After that comes the stage of concluding a sales contract between the buyer and the seller. Don’t be afraid. This contract is signed accompanied by a realtor. Legal control is exercised by the Title Company and the Escrow Company. If the transaction is made remotely, then instead of escrow, a trusted person comes into play – the buyer’s attorney (Closing Attorney).
At this stage, the buyer makes a deposit: about 5% of the cost of the object. Now the condition of the property is being checked. I must say that in this regard, the Americans are great. The specialist will identify defects in the object, malfunctioning plumbing, electrical wiring and other communications. These services will cost $ 300-500. For an additional fee, the specialist will look for termites, radon, mold, etc. In other words, unsuitable for housing real estate will not be allowed to be sold. After that, the full payment for the apartment is made and the title deed is received. Important: real estate in the United States must be insured. This is a requirement of the law. The title company is engaged in insurance registration, after which the policy is handed over to the buyer.
Additional costs for buying real estate in the United States
So, as already mentioned, 5% of the purchase amount is received by the broker, and it is usually the seller who pays it. He also bears the cost of tax on the transfer of ownership of real estate. The services of the title company (or a lawyer), insurance and various duties are usually paid by the buyer. This is approximately 1-2%. Although, in fact, additional costs are allocated between the parties at the conclusion of the contract.