What You Need to Know When Buying a Property in the USA
There are many advantages of owning property in the USA. Whether for investment purposes or to have a warm home, owning a property here will make your life more beautiful.
Who Can Buy a House in the US?
You do not need to have a residence permit or live in the USA to buy a property in the USA. Also, you can get a mortgage even if you do not live in the USA. When certain conditions are met, credit institutions can provide housing loans to non-US customers up to 50% of the sale price of real estate or houses. To receive a mortgage, you must have a deposit account in a private bank in the USA and have at least $ 100,000 in cash in this account.
Foreigners can get a Green Card with the EB-5 Investment Visa to invest in the US or apply for the E-1 Treaty Trader Visa or the E-2 Treaty Investor Visa.
You should also consider the possibility of paying additional taxes for mortgage loans you use for real estate. Tax rates vary by state.
Taxes and Other Costs When Purchasing Real Estate in the USA
It is not compulsory to hire a real estate agent to buy a property. However, finding a real estate agent who will handle many processes for you will make your job easier. Foreigners who buy real estate in the USA also have to pay taxes. The states or local governments collect taxes. Tax criteria vary by state. In cases where you use a mortgage loan, taxes are collected as included in the monthly loan payments. If you do not take a mortgage loan and pay in cash, you can pay taxes monthly or annually. If a foreigner wants to buy real estate and is in the USA, the transaction is completed in about 1 week. However, if the buyer is outside the US and the seller has different transaction requests, these transactions can take 2-3 weeks. After a meeting with the real estate consultant and filling out the form, a document showing that there is enough cash in the bank account is submitted. A deposit of 5% is then paid, deals are made, and the house is purchased.
If you have hired a real estate agent, you do not need to be there for the title deed transactions; the company or the real estate agent can do the deed transactions.
Home Inspection Process in the USA
If you want to buy a house, a professional officer should inspect the house before purchasing it and prepare a report showing the general condition of the house. This process is called home inspection. Then, during the survey phase, an officer determines the exact location of the property you will buy and records this location in the system.
In cases where you will pay in cash, only your passport will be sufficient, but you will be asked for more documents if you want to use a mortgage.