How to buy property in the US: step-by-step instructions on how to buy a house or apartment in California.
Buying a property in the United States is an important step on the road to becoming firmly established in the country. “Zagrina” tried to understand the types of local real estate and prepare for you a brief instruction for its purchase!
Types of real estate.
Before you buy a property in the United States, it is worthwhile to figure out what it is like, because American housing development is somewhat different from the usual for us apartments in high-rise buildings. The most common types of residential real estate in the US are a house, a condominium and a townhouse.
The personification of the American dream is single family home. Such houses in the US are usually located somewhere in the suburbs, they have a pool and a back yard where you can definitely organize a barbecue or play something.
Buy an apartment in the US can be in Condo. This is what apartments in an apartment building are called. It also usually has a swimming pool, a gym, a barbecue area, etc., but they are meant for sharing by all tenants. The maintenance of the complex is subject to an additional fee for the special governing body.
The townhouse is a complex of low-rise (two- or three-level) apartments combined with side walls with a separate entrance, built-in garage and a small adjoining yard – such a mixture of a country cottage and a city apartment. In a metropolis it looks like a good compromise for those who want to buy a house in the USA within the city.
How to buy an apartment in the US: a step-by-step guide for residents of California.
Step 1: evaluate your abilities and choose a house.
The procedure for buying property in the United States begins, first of all, with an assessment of their wishes and opportunities. Compare how much a house costs in the US (in different regions of the country), think about whether you can pay the entire amount yourself or you need to take out a loan, calculate the amount of additional costs such as payment for escrow services. Are you still ready to buy property in California? Then you can start to consider specific proposals. To do this, you need an agent. It is possible, of course, without it, but in the US it is not accepted – here the vast majority of transactions are concluded through realtors. He selects houses according to your requirements, agrees on viewing and carries you through them.
“The most important expense during the purchase is escrow services, which are about 1% of the cost of the facility. After purchase – this is an annual property tax, 1.2% of the value of the property �
Step 2: Preliminary “bidding”
Suppose you have found the home of your dreams. The rules of buying a property in the US assume that your agent is preparing an offer – an offer to purchase a house on certain conditions. As for the price, the cost of a home in the US varies from state to state. In California, it is not the lowest, but salaries here are on average higher than in most other parts of the US. The seller’s agent may disagree with the proposed terms and send a counter offer. This can continue until both parties are satisfied with the terms of the purchase.
Step 3: Confirmation of solvency and signing of the contract.
Next you need to confirm your solvency. It can be a letter or a certificate from the bank that your account has the amount necessary to buy a house and cover all additional costs, or a loan guarantee. Agents make up a contract of sale / purchase and organize its signing by the parties.
“To buy a house, by and large, you need a passport and documents from the bank, confirming the availability of funds on the account. It is not necessary to specify the exact amount, it is enough, for example, to note that the account has more funds than the object.
In general, when buying real estate, about 50 different forms are signed, so it’s not even what documents are needed, but to understand what exactly you are signing in the process. In California, it is common practice to sue in the event of the slightest problems, so at the moment there are a huge number of forms (all of them – the consequences of some lawsuits). For example, the form in which the buyer is advised to hire an inspector for a professional inspection of the house in order to identify problems; or a document that advises you to go to a specific site to check the crime rate in the area. It would seem that the obvious information, but by law the buyer should be aware of not only the real estate, but also the area, and the very process of buying / selling. Here there are two solutions: if you understand English, then with the help of a realtor you enter into each form, or hire an interpreter who word for word will translate each document ”
Step 3-1: Getting a loan.
If you are going to buy housing on credit, at this stage you need to apply to the bank and other necessary documents. In case of a positive decision, the bank will send you a letter indicating the willingness to issue a specific amount for the purchase of a particular house.
Step 4: Open an account.
Typically, the sale of houses in the US is accompanied by the opening of an escrow account, through which all calculations are made. The buyer also must make a deposit as a guarantee of the seriousness of his intentions. At the same stage, various house inspections are taking place, the purpose of which is to detect possible malfunctions and defects.
“Each state has its own system of buying and selling real estate. For example, in New York, the lawyer does this: he selects the forms himself and, if necessary, adds the necessary items. In California, the process of buying / selling is handled by an independent third party – an escrow company whose activities are licensed and regulated by state laws. Giving advice and changing / supplementing documents to an escrow company is not allowed, which is why California has to sign more forms than in New York or Florida. But escrow services are cheaper than lawyers. There is no alternative to escrow – it’s the most reliable and safe way to buy or sell an object �
Step 5: Close the escrow and get the keys.
Buying a home in the US ends with the closing of the escrow. When all conditions under the contract are fulfilled (all necessary documents have been transferred), the escrow company transfers money to the seller’s account. The agent of the latter passes the keys to the buyer’s agent, and the latter, in turn, hands them to the newly made happy owner of the house or apartment in California.
“Buying real estate in the US for non-residents has no limitations. Anyone who is legally in America can buy real estate. The only thing you need to be prepared is that when you transfer money from a bank, you may have a question about the origin of the funds (from the business, from the parents, from the sale of other real estate). Such measures are being taken to combat money laundering ”
“Zagranitsa” wishes you to successfully buy a house in the USA. Inexpensive and without any “pitfalls”!
Comments (3)
Do not read this nonsense. To buy a house it is necessary 1) to come here and live in rented housing for several years to understand why this is for you, and the most important of all is to choose a location (location, location, location). The house itself is not so important, no matter how strange it sounds 2) to find a good agent preferably without a Russian accent in English, otherwise there is a great chance that it will be approximately like in Russia only for dollars 3) to have a stock of funds 20-30% more than the approximate price, otherwise you do not buy anything good, and if you buy something then you’ll regret it. 4) do not buy real estate as a way of investing money. On this rake, many have already attacked and not once in 2007 and after.
I agree to 100%
Interesting review article on the acquisition of real estate in the United States
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