REAL ESTATE - USA

 

 

HOW TO BUY PROPERTY IN USA

PROCEDURES

 

1 - Finding a suitable location - You should start the buying process researching possible locations, and finding an area that suits your strategy for investing overseas U.S. markets and financial means. Most probably, you won't know the US as well as you know the UK property market, and thus taking the time to find out as much as you can, and getting advice from professionals is worth your time. If you are looking for a quick resale and have a large sum, you could be looking for properties in New York for example, whereas if you are planning to invest only a smaller amount, finding locations with BMV property deals and foreclosures can be a better decision for investing overseas U.S. markets.

2 - Investment Strategy and Property Type - You'll also have to decide the type of property you plan to invest in, and define your investment strategies and aims. Whether you are looking for residential real estate, commercial real estate, buy-to-let properties, holiday homes or foreclosure properties, you'll surely find a suitable opportunity for investing overseas U.S. Markets real estate.

3 - Financing & Costs - Considerations about financing your property investment is a further important step. Some investment properties, may only be available without the possibility of a mortgage. If you are taking out a mortgage, you could either raise the money on your existing property in the UK, or secure the mortgage against the property you are buying overseas. If you don't have the money to be paid readily available, other financing options include taking out a loan or getting a cash lump sum through equity release based on the value of your property in the UK. You should also allow around 3% to 5% to cover any additional costs on top of the purchase price, such as the loan application fees, inspection fees, brokerage fees, title insurance and taxes.

4 - Property Inspection & Survey - It is essential to have a property inspection before a contract is drawn up, so make sure to examine the property and use professional help for the property survey. Under US law, the buyer will have to accept the property in the condition before the deal is closed, and will not have the right to complain about major defects after the purchase is closed. If you want the seller to make any repairs, this should be included in the sales agreement.

5 - Agreement of Sale - Once you've found the perfect investing overseas U.S. markets opportunity, you will make an offer. Your offer will be either accepted, or rejected, or the seller may also make a counter-offer. After the negotiation process, you'll agree on the exact price, terms, and a closing date, and a contract will be drawn up. A closing date will also be established, which is the date by which all the duties and obligations contained in the contract must be satisfied. The closing date is usually set around 30 days from the signing of the contract.

6 - Insurance - You should make sure before the closing date that insurance on the property is in place, which is crucial for effective risk management. Having title insurance on the property is also essential. This will protect the buyer if the title to a property is clouded, meaning that if another person or entity has an underlying interest in the real estate that was not disclosed during the process of sale.

7 - Closing: Closing practices are dictated by custom, and vary from region to region. Generally, all necessary parties are present, their identity is verified, the documents are finalized, financial calculations and adjustments are reviewed and documents, money and information are exchanged. The closing usually takes place at the office of the seller´s attorney, but occasionally at the office of the lender's counsel. Various costs are payable at closing, which vary according to jurisdiction. The purchaser typically pays fees to record the deed and the mortgage, utility bills, escrow fees, bank attorney’s fee, taxes, special assessments, financing charges, inspection fees, origination fees, adjustments and other fees that may be imposed by the state and local government

 

Is it safe to buy real estate in USA? Can even a foreıgners not knowing about real estate market in USA easily buy a house?

Of course it is very safe. There is realty system processing very well and safe in USA. Your warranty is the realty system. According to the system;

• In America it is worked with certificates and authorized real estate agencies.
• The expertise report shows the market value and the market status.
• There is no sale for above the expertise value.
• There is no problem in the title deed.
• The procurer never pays realty commission.
• Your legal warranty is the American lawyer and American government.

What are the payment conditions ?

• In all alternatives your advance is kept in escrow accounts; and it is only paid to the contractor as the title deed and insurance transactions are completed.
• Advanced payment
• The payment with the interest rates according to the market conditions and with mortgage loans having term types until 30 years.

Is it required to be American citizen? What are the documents required?

You do not need to be an American citizen.

a - In the case that you will buy with advance payment; 
only a copy of the passport. 

b - In the case that you will buy with Mortgage loan;

It is the same with the process applied in your country for the application of the loan;
The documents required:

• Copy of the passport
• Company information, circular of signature if it is under the name of the company
• 2 financial condition writings / established accounts (from the Bank, financial establishment)
• Credit Card registry writings (optional)
• Advance payment / the documents showing that the amount against the advance payment (at least 30%) is on the account.
• The document showing the annual income on the basis of dollar (Company accounting department)
• It is required that all the related documents must be in English.
• There are loan options available for using without requiring any document (under the name of ‘ nodoc ‘ )in the case that the 50% of the price of the real estate to be procured is paid in advance

Can foreıgners buying house in USA rent the house? Is it required to be in USA in order to rent the house?

In order to rent your house in USA, you must have agreement with certificated Property Management Company in the region where you bought your house.

These companies carries out the transactions on behalf of you including finding appropriate renter for the house and tracking the taxes. Therefore you do not need to be in USA

We as Platin Internatıonal carry out the renting and management process of your real estate in USA