There are many reasons why foreigners, especially retirees on an unlimited budget are choosing to purchase real estate in the USA. This country seems to have everything-from stunning sceneries to glamorous real estates.
Not only is USA a great place to live, it’s also a great place to explore, relax and be active with its mountain ranges, beaches, rain forests, jungles and the great Wild West. If your quite fluent or know how to speak English, then you won’t have any problem.
On the other hand, although in many cases the actual purchase of real estate in the USA can be overwhelming. These guidelines would shed light on how you can start, but it is not a substitute for the capabilities of proficient real estate agents, lawyers, brokers and accountants. You will still want to consult professionals along the way.
Is there a type of property I can’t purchase in the United States?
CAN: Foreign buyers are eligible to buy a luxury real estate for sale in the USA as long as they are single-family homes, condominiums, duplexes, triplexes, quadraplexes and townhomes.
CANNOT: There are some real estates in the USA that are considered restricted when it comes to foreign buyers. These are Housing cooperatives or co-ops. They often have rules barring foreign proprietorship. Co-ops generally require that a buyer’s source of revenue should be from the United States and that most of the buyer’s assets be kept in the U.S.
Should I purchase U.S. property in my name?
Foreign buyers can purchase property straight – in their personal names – or through some sort of commercial entity, such as a domestic company, foreign conglomerate, limited trust, cooperative venture, a trust or limited liability business.
How the property will be used should part of your decision. Furthermore, the arrangement through which you purchase your property can have dramatic tax consequences. Your real estate lawyer and bookkeeper should be able to provide adviceregarding your decisions.
Will I need to hire a real estate lawyer?
You do need to make sure that your attorney is licensed to practice law in USA and understands real estate laws so that they can do such things as oversee the terms of the contract and do a title search. They can also save you a good deal of money when you are purchasing property because they are aware of the market rates in different areas of the country and can advise you if someone is overcharging for the property. There have been times when a good buyer’s attorney has saved a buyer thousands of dollars in tax and other such areas.
In order to better understand the purchasing of land in USA it is best to seek out an attorney who is licensed to practice in USA and gain some understanding of the regulations governing foreigners buying property and seek advice before entering any agreement either formal or informal. You should carefully follow your attorney’s advice and directions throughout the purchasing process to ensure that you have done everything properly and own valid legal rights to your home.