Amelia Grant

Non-residents can still buy real estate in the U.S. since American law doesn’t restrict the purchase of residential and commercial properties by foreigners. Foreigners don’t need any special permission to acquire residential and commercial properties in the United States of America.

First of all, you should decide where to buy real estate. There are 50 states 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 type of real estate (apartment, country house, townhouse, etc.) and choose a broker.

In the United States, you cannot make real estate transactions without a broker. 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 to foreigners. By the way, all commissions for the work of the broker are paid by the seller, not the buyer.

It’s essential to choose a good broker since a lot depends on the qualifications and experience of the broker, although there is no particular 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 U.S.

It is important to check with your broker for pricing. He will select a good option for exactly the amount that the buyer can afford to spend. You can also get a mortgage. This is a good option for those who are going to move to the United States and get a job in their specialty.

Buying real estate in the U.S. remotely

It’s not necessary to be in the U.S. when buying real estate. You can buy it remotely. If in the selected state a real estate transaction is drawn up by a lawyer, then you can simply issue a power of attorney for him, and the specialist will conduct the transaction from start to finish. 

A similar power of attorney can be made at the US consulate in your country. There, the buyer will be explained all the details of the transaction. A special trust account will be opened in the name of a lawyer, where the buyer will be able to transfer money for the purchase of the real estate. After that, the funds are already transferred directly to the seller.

It should be said that the risks of remote purchases are almost reduced to zero if the buyer has found a licensed specialist. If you’re going to buy real estate on credit, then he will have to open an account with one of the American banks.

Important: some domestic banks refuse to transfer money if the buyer does not have a contract for the purchase of a residential property. There is one more stick that can hit the buyer's wheel. It is advisable to have a document confirming the information about the origin of the money so that the US customs service does not have any suspicions. Such a document can be a loan agreement, or, for example, a contract for the sale of real estate in your country.

In fact, foreigners are not US taxpayers, so the amount imported is not taxed.

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 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 obtained.