The procedure for buying property in USA

US laws allow foreigners to buy both residential and commercial real estate without special restrictions. A transaction can be executed by both an individual and a legal entity. 

The second option is even more profitable for the buyer, since in this case there is no need to pay taxes when real estate is transferred to inheritance or as a gift.

Buying real estate allows you to get an EB5 business visa. However, the following conditions must be met: the visa applicant buys an investment object worth at least 1.8 million dollars.

In certain cases, the amount is halved, and provides jobs for at least 10 people. The business must be profitable.

Opening a bank account

This step is necessary only if the property is purchased on credit. If the buyer pays for the transaction from his own funds, there is no need to open an account.

Preparing a purchase offer

As soon as the buyer has decided on the choice of the object, the realtor prepares an offer for the purchase (offer) on behalf of the buyer. This is a standard contract that specifies all the conditions on which the buyer offers the seller to make a deal.

The contract is signed in the presence of the realtor. In the process of concluding a transaction, a specialized agency, called a title company, and an escrow company or a buyer's lawyer who will register the transaction (closing attorney) must be present.

It is they who carry out legal control of the entire transaction, verification and certification of documents.

Property Inspection and Valuation

The transaction is processed from 30 to 60 days. During this period, an inspection of the property is carried out to detect deficiencies. The licensed professional prepares a written report.

If the identified deficiencies are significant, the buyer can ask the seller for a discount or refuse the transaction. The site inspection step is optional, but it is recommended not to skip it.

Conducting due diligence

After signing the contract of sale, the buyer's lawyer or escrow company checks the legal registration of property ownership (title search). The essence of the check is to determine whether the sale of real estate is possible, whether there are mortgages or other debts.

When buying a land plot, there is no need to carry out any checks or inspections. 

Registration of a new owner

At the time of receipt of payment for the transaction, the buyer receives a certificate of ownership of the property - did (deed). Registration of ownership takes six to ten weeks.

Transaction payment

The buyer pays the principal amount at the closing of the transaction, that is, when he receives ownership of the property. At the same stage, all additional expenses, including taxes, are paid. Funds are transferred to the account of the lawyer conducting the transaction or to the account of an independent company (escrow).