The whole process of purchasing property usually takes one to two months and consists of the following steps:
1. Negotiations with a real estate agent to determine the search parameters. Definition of requirements for the future of real estate: the desired size, price range, area and type of building where there will be real estate. A trip to the familiarization tour. Property Search.
2. Preparing for a purchase. Legal advice on real estate, an expert on tax issues. If necessary - consult with an expert on the mortgage.
3. Pre-selection of the property. The process of discussing the price (bargain).
4. Signing the purchase agreement (Real Estate Purchase contract). Once the buyer and seller agree on the price, the seller sends the lawyer a lawyer buyer contract. After checking the contract is to be signed by the parties.
The signing of Real Estate Purchase contract guarantees the removal of the property from the market, securing it for the buyer.
Simultaneously with the signing of the contract the buyer pays 10% of the value of the property to the special account of his lawyer, where the funds are blocked. This contribution is irrevocable in the event of refusal to deal.
5. After signing a contract begins the main part of the buying process. This usually gives 60 days. During this time, if necessary, the buyer applies for financing, bank orders report on real estate valuation (appraisal report), examines the international buyer's credit history, opening a U.S. bank account, review and prepare all necessary documents.
6. Conduct Physical Inspection - inspection of real estate. The buyer checks the condition of the premises, repair of household appliances.
7. Mortgage loan (if necessary). Buyer receives from the bank document (Commitment Letter), confirming the agreement to give him a specific amount in the form of a mortgage on specific property. Thereafter, all documents are handed over to counsel, which hires the bank to complete the transaction.
8. Making an insurance contract of real estate.
9. Completion of the deal - closing - the completion of the acquisition - the official closing of the transaction in the presence of a notary, the transfer of the keys to the shelter.
At this stage, pay the full cost of real estate.
The transaction should be recorded on the same day in special areas, the reception desk - by Title Company.
Ownership of the housing to a certificate of ownership (Title).
After purchasing the property can be leased, sold, inherited, given to the administration.
 Additional costs, depending on the state and city, these costs vary. In New York, roughly, the buyer can pay for the transaction from 1% to 8% of total property value. We recommend you agree on the cost of closing the deal with your lawyer or an expert on the mortgage.
PURCHASE from the developer:
1. Tax rates in New York City for the transfer of property:
- If the sale price of more than U.S. $ 500 000 a 1.425% of the price;
- If the sale price is less than U.S. $ 500 000 then 1% of the price.
2.Tax New York State on the transfer of real estate -0,4% of the purchase price.
3. Attorney fees of the builder: 1,500 dollars and above.
PURCHASE REAL ESTATE SECONDARY:
1. Payment for services of a lawyer approximately 2,000 U.S. dollars.
2. Statement of purchasing a condominium approximately U.S. $ 1000.
3. Fee at the entrance 500-1 000 USD (refundable)
4. Fee for entry in the Register of the City approximately $ 500.
5. Insurance is about 0,5% of the purchase price.
Foreign nationals who hold in the U.S. less than half the year - are classified as non-resident (nonresident aliens). As a resident you are required to declare any income earned from the time of the / residence in the United States.
Foreign nationals who hold in the U.S. less than half the year - are classified as non-resident (nonresident aliens). As a resident you are required to declare any income earned from the time of the / residence in the United States.
When buying a property, you usually encounter, with 2 types of income that must be declared - the income derived from property rental and income earned on the sale of property (capital gain). The standard rate of tax on rental income - up to 30%, but it is possible to reduce the amount of the tax, to write off the cost of maintaining your property (for example, interest paid for the mortgage, insurance, payments to the homeowners association, maintenance costs, etc. .)
When selling a property, you may pay the costs of 10% of sales (withholding of gross proceeds), but there are special conditions and exceptions, which you can seek advice from an independent expert on taxation. Income tax (on sale), Capital Gains Tax - 8% to 15%, depending on the amount of income
In Florida, sales tax or property purchase will be charged.
 Expenditure on the size of the annual property tax on home ownership in the various administrative districts may vary and is 1-2% of the purchase price per year. Tax rates in different cities and states are: New York - 11.5% Los Angeles - 1,1-1,3%; Washington - 0,96%; Honolulu (Hawaii) - 0,37%; Las Vegas - 3,25%; Philadelphia - 8.26% Florida - 1.5% .0 tax paid in the district court once a year.
Cost of maintaining the property in houses, condominiums, called maintenance fees, the club villages - homeowners association fees. They include the cost of maintaining parking, pool, security, tennis courts, as well as spending on landscaping. Sometimes include the cost of cable television and the Internet. The total amount can range from $ 100 to $ 800 a month. This fee is included in the monthly contribution to the Association of Homeowners (PLA), namely, it makes payments. Electricity, water and gas owner pays separately.
Contents of classical houses with three bedrooms, two bathrooms, two garages will cost $ 100-150 a month for electricity, $ 100-150 for water, $ 80 for cutting the grass. The most common way to pay for all utility services - via the Internet.
If the owner wishes to protect yourself and your home, you should take out insurance against fire ($ 350 per year) and insurance for plumbers, electricians and air conditioning ($ 325 per year). Banks. Credits. The possibility of obtaining funding, its size and condition are dependent on many factors, which can be divided into three groups:
1. Factors associated with the buyer - his place of residence (resident or non resident of the USA), his credit history, or documents that prove its financial viability. Other details associated with the buyer - his age, occupation, marital and financial status.
2. Factors associated with the acquired property - its value, condition, conditions of purchase.
3. Factors associated with paperwork and competence of the company, which will issue the loan.
From correctly completed documents in a timely and accurate information presented to the success and financial terms. Depending on the type of mortgage program and the amount of credit banks may be requested for additional documents. Specialists in financing to help you at all stages of processing the loan from applying for a loan, prepare the necessary documents and ending with the signing of loan documents without having to visit the United States.
Collecting the necessary documents to the bank for approval of your loan, is guided by a simple rule - the more documentation you provide, the better:
Required documents:
1) Copies of passport (international and domestic) and visas
2) A signed form of the bank - the intention to work with this bank (application form)
3) Kreditnaya story - the presence of credit cards in the past 12 months, if not available, the recommendations of the banks on current accounts:
• bank account - at least 12 months, account number, date of opening balance
• A report on the current bank account be debited and credit for 12 months
• A report on the current account over the last 3 months - the balance for each month (cash flow)
4) Verification of income: Evidence of seniority at least 2 years (This is the second most important document. The Bank must be sure that the borrower be able to regularly make payments on the loan.)
• For individual entrepreneurs: a letter from the independent auditor, assure the company, the type of activity, period of work, address, income (salary, dividends) over the previous 2 years (each)
• certificate from the employer about the amount of income for the previous and current years, a copy of employment contract or certificate from the extra work of all payments made over the last year
5) documents confirming the existence of expensive property:
• type of property (apartment, house, land), address, cost - mortgage (if any) - monthly mortgage payments, monthly payment for taxes and insurance; help for rent and utility payments (you can copy over payments);
6) ** Any other documents available, and full of debt:
** If you borrowed in the past and repaid them properly, it will be a big plus. Documents confirming the accurate performance of your obligations, you can get at a bank that you are credited. Suppose it was a small loan to a TV or refrigerator, or even a mobile phone, it does not matter.
If you already have a loan for which you still have to pay, do not hide this fact from a bank that does not mean that you will not give another loan. Simply the maximum amount calculated based on the ratio of your current obligations to your monthly income.
7) Opening a bank account in the U.S. - some banks require from 3 to 6 months reserve at a U.S. bank account
Type of Loan
If you are legally residing in the United States, have formed credit history, work in the United States we can offer you a mortgage loan under the U.S. residents. If you purchase property for recreation, investment, or just assume for their stay in the U.S., we offer a mortgage program foreigner national. Mortgage payments can be made for annuity and in a differentiated scheme. Loans can be issued in U.S. dollars.
Borrower
Borrower may act as a private person, and the company.
The size of mortgages in the U.S.
The minimum loan size is U.S. $ 100,000. In 2009, foreign property buyers abroad, can obtain a mortgage loan for an amount not exceeding 50% (in some cases 60%) of the appraised or market value (whichever is less). The size of the loan will also depend strongly on the type of property (house, residence, or condominium). Credit for the apartment (condo) is now quite difficult to obtain, and loan amount in this case is less than in the case of the separately-standing home, the additional conditions is also the location of the property, iefactors affecting the liquidity facility.
Terms
to 30 years, maximum age 75 years.
Requirements for the borrower
Lenders in the U.S. will be able to offer terms for financing on the basis of information about the alleged value of the property and your financial situation. The interest rate will very much depend on your credit history, the availability of the accounts in U.S. and European banks, the availability of advice from foreign banks. These conditions are not mandatory, but they have an influence on obtaining a mortgage in the U.S..
Lenders may take into account potential rental income, which can generate property and which can be officially confirmed.
Lenders may also require proof of income sources, including official salaries, retirement accounts, dividends, investment income or rental income. However, not all lenders require and take into account when calculating the data. It is possible to obtain a loan with the provision of a minimum package of documents, but in this case, the loan interest rate will be high.
Insurance
Insurance purchased real estate (buildings) is a prerequisite. As for life insurance, it is not necessary in most cases, but we recommend life insurance and can provide independent advice on insurance and real estate abroad.
The mortgage market in the U.S., has suffered more than any other market in the world. Many lenders have been forced to abandon their mortgage programs for foreigners, while others have significantly reduced the limits on LTV. If in 2008 you could get a loan, usually 60% of the appraised value, but now this amount is 50-60% .0
Legal issues of property rights in the U.S.
We strongly recommend that when making real estate transactions in the U.S. to consult with certified brokers, and qualified lawyers on the prior contract. Prior to the signing of any documents, consult on all expenses that you will incur, including the state or other charges before making any transaction or refinancing a loan in the U.S..
Completion of the transaction
We will make every effort to prepare the loan to purchase real estate in the United States declared terms, but delays may occur as a result of actions of the American legal and banking systems.
An application for a mortgage in the United States to purchase real estate
We recommend you learn about possible mortgage options before making a purchase, and possibly to the point as you plan your visit to search for real estate in the U.S.. This will allow you to learn on what conditions you can expect, based on the financial condition and your budget, and obtain the prior approval of the bank, upon which you will have time to search for real estate and obtaining funding for the proposed conditions.
If you need money for deposit, or do you think that you can not get a bank loan in the U.S., please contact us and we can offer alternative banking products based on the individual situation.
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Buying property - United States