There might be restrictions on the foreign ownership of real estate in America but they are insignificant for buy- to – let investment purposes. For practical purposes, these restrictions, however, may be unimportant.
The procedure for the property purchase may vary from state to state, as well as between counties and cities.
Here are the procedures that are generally followed in the New York City.
- You can make an offer orally through your agent, who will convey it either to the seller´s agent or to the seller directly.
- The seller´s attorney will then begin preparation of the contract of sale. He or she would obtain and review the following documents such as the deed, survey, title insurance policy, promissory notes etc.
- Your Real Estate Attorney would be required in all the property transactions to examine the financial condition of the house.
- The buyer’s attorney would review and negotiate the contract deed, title search and title insurance policy, as well as the documents referred to in the title policy.
- Once your attorney concludes that the financial condition is satisfactory, he/she will allow you to sign the contract. You will have to present a deposit of the purchase price. The contract and the deposit will then be moved to the seller for signature.
- You will then receive from your real estate agent the board requirements and application materials.
- Your application will be reviewed, and if all the required materials are included and in order, an approval is typically granted. After which you can proceed with the closing ceremonies.
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