FAQ about buying and renting real estate and residence permits in the USA

We have prepared for you useful information about the conditions for obtaining a residence permit in the country, the cost of real estate and additional costs when buying, rental rates

Also, one should consider the procedures for document processing and the processing times for residency applications in the USA, to be prepared for the necessary formalities and time expenditures.

US law does not restrict foreigners. Citizens of any country can freely buy any objects. Foreign buyers can become owners of both residential and commercial real estate in the States. No special permission to purchase is required.

You can make a deal both for an individual and for a legal entity. A purchase for a legal entity may turn out to be more favorable, because. it is possible to protect real estate from inheritance and gift taxes, as well as limit the liability of the owner in case of an accident.

The acquisition of real estate is not a sufficient basis for obtaining a residence permit in the United States. Nevertheless, under certain conditions, it will help to obtain a business visa. Thus, an investor has the right to obtain a residence permit (another name: Green Card) under the EB-5 program.

The program has many advantages: the risk of being denied a residence permit is minimal, it is not required to pass a language test, the investor and his family are allowed to work in the country.

 Investment conditions:

• The applicant may invest in the business on their own or through the Regional Center
• The applicant must invest at least $1.05 million in a new or existing business or Regional Center project in any US state. Alternative option: the applicant invests an amount of 800 thousand dollars in a project located in a rural area or in an area of high unemployment

• The first residence permit is issued for two years. Then, if the conditions of the program are met, the residence permit is issued for life.
• Five years after obtaining a residence permit, the applicant has the right to apply for citizenship.

• The spouse of the investor and unmarried children under 21 are also eligible for a residence permit.
• Unlike other immigration programs in the United States, the applicant does not have to pass language proficiency exams, meet the requirements for age, education, business experience. A citizen of any country has the right to apply for a residence permit.

At the conclusion of the contract of sale, the parties agree on who bears what costs. Buyer's closing costs typically include attorney's or title company fees, general property insurance, registry and court fees.

Without a mortgage, they amount to about 1-2% of the transaction amount.

The services of a broker cost 4-6% of the property price and are usually paid by the seller.

Payment of the property transfer tax (0.01–2.00% of the transaction amount) is usually also the responsibility of the seller.

Object insurance. The cost of insurance is from 1 to 5% per year of the price of the object and depends on many factors (for example, whether there is water nearby and the threat of flooding).

Lawyer's fee. Mandatory item of expenditure. The stakes are usually in the range of $1000 to $1500.

Notary fee. The participation of a notary in the United States is optional, since every lawyer has the right to certify documents.

Translation fee. If the buyer does not know English, then all documents (purchase offer and contract) must be translated by a certified specialist. The cost of translation is about $20 per page.

Duties and fees

Usually, when buying a property, they pay:

• title verification fee - about $200;
• real estate taxes to the city and county for two months - their total rate for the year is 1-2% of the value of the property.

• One-Bedroom Apartment in Downtown Miami $2,676
• One-Bedroom Apartment Out of Center $1,929

• Apartment with 3 bedrooms in the center of Miami 4 819 $
• 3-Bedroom Apartment Out of Center $3,191

Price per square meter in downtown Miami $6,500 - $7,500

Price per square meter outside the center $3,000 - $4,000