Buying property in the US
Sep 4th 2018, 5:44 pm
#1
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Joined: Sep 2018
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Buying property in the US
I am interesting in buying a property in the USA, in Ohio. But I am a little confused about what the process entails once I have found a property. I know I need a title company. I am also need to pay Title fees, recording fees, Real Property Transfer Tax and Insurance. But I am not to clear in which the order these steps occur and also how to prove that I have ownership of the property. I have tried searching online, but I am going round in circles, as a lot of guides tend to be rather bare and skip over things.
Anyone got any guidance or advice they can share. Thanks!
Anyone got any guidance or advice they can share. Thanks!
Sep 4th 2018, 6:42 pm
#2
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Joined: Jun 2015
Location: Near Lynchburg Tennessee, home of Jack Daniels
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Re: Buying property in the US
You might consider getting with a Real estate agent who will help find the property and handle the issues you describe. The fee for their service will be covered by splitting the sale fee with the listing agent. They will be very helpful in finding a property and advising on fair price.
Sep 4th 2018, 9:23 pm
#3
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Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,211
Re: Buying property in the US
I am interesting in buying a property in the USA, in Ohio. But I am a little confused about what the process entails once I have found a property. I know I need a title company. I am also need to pay Title fees, recording fees, Real Property Transfer Tax and Insurance. But I am not to clear in which the order these steps occur and also how to prove that I have ownership of the property. I have tried searching online, but I am going round in circles, as a lot of guides tend to be rather bare and skip over things.
Anyone got any guidance or advice they can share. Thanks!
Anyone got any guidance or advice they can share. Thanks!
Welcome to BE.
Are you a US citizen?, do you have a visa for the US? Houses are reasonably cheap in the US BUT property taxes etc may make owning one an expensive decision unless you can make use of it.
Sep 5th 2018, 7:51 am
#4
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Re: Buying property in the US
You might consider getting with a Real estate agent who will help find the property and handle the issues you describe. The fee for their service will be covered by splitting the sale fee with the listing agent. They will be very helpful in finding a property and advising on fair price.
Sep 5th 2018, 11:20 am
#5
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Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
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Re: Buying property in the US
I am a UK Citizen with no visas for the US. I plan to rent out the property and have taken account the taxes.
I've already found a property and (provisionally) negotiated a price with the seller. So I was under the impression an agent wouldn't be of help, as they only want to sell their own properties.
I've already found a property and (provisionally) negotiated a price with the seller. So I was under the impression an agent wouldn't be of help, as they only want to sell their own properties.
In FSBO it will be likely that they don't want to pay a buyer's agent (realtor). In that case you may find it beneficial to. Someone is going to need to order appraisals, general inspections, termite inspections, radon inspections. Etc etc.
Sep 5th 2018, 11:22 am
#6
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Joined: Jun 2015
Location: Near Lynchburg Tennessee, home of Jack Daniels
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Re: Buying property in the US
I am a UK Citizen with no visas for the US. I plan to rent out the property and have taken account the taxes.
I've already found a property and (provisionally) negotiated a price with the seller. So I was under the impression an agent wouldn't be of help, as they only want to sell their own properties.
I've already found a property and (provisionally) negotiated a price with the seller. So I was under the impression an agent wouldn't be of help, as they only want to sell their own properties.
Sep 5th 2018, 11:24 am
#7
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Re: Buying property in the US
@ddsrph thanks!
Is there a list of things I need to check, so if I hire a realtor, I can make sure they are doing everything. Thanks!
This is referred to as for sale by owner. In a typical real estate transaction the buyer has a realtor and the seller has a realtor. Each take a commission from the sale price.
In FSBO it will be likely that they don't want to pay a buyer's agent (realtor). In that case you may find it beneficial to. Someone is going to need to order appraisals, general inspections, termite inspections, radon inspections. Etc etc.
In FSBO it will be likely that they don't want to pay a buyer's agent (realtor). In that case you may find it beneficial to. Someone is going to need to order appraisals, general inspections, termite inspections, radon inspections. Etc etc.
Sep 5th 2018, 11:31 am
#8
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Location: Athens GA
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Re: Buying property in the US
From the questions you asked in your original post, and this latest response, you undoubtedly need someone acting on your behalf. Are you sure you know what you are taking on? Having a rental property that far away from you is not something I would ever do.
Sep 5th 2018, 11:45 am
#9
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Joined: Jun 2015
Location: Near Lynchburg Tennessee, home of Jack Daniels
Posts: 1,381
Re: Buying property in the US
To OP
The main things to make sure happens:
Does the seller own the property without liens. This requires a title search and title insurance.
Condition of the property. A personal inspection and possibly a professional inspection to include termites and Radon.
The rest is basic paperwork that any lawyer or real estate agent can handle.
Before you spend any money for the above the first step is a signed acceptance of offer with stipulations to make it invalid if they are not met. A realtor has forms for this that they use everyday.
Last edited by ddsrph; Sep 5th 2018 at 12:00 pm.
Sep 5th 2018, 12:34 pm
#10
Concierge
Joined: Apr 2001
Posts: 46,387
Re: Buying property in the US
When we bought our home in Mississippi, our real estate attorney handled all of that. They contracted for the title search, transfer, hired with our approval the house inspector, and all the fees were paid for at the closing. Since you are not taking a mortgage, sounds like you have a great need of a real estate attorney.
Frankly, the last thing I would do with my money is invest it in property in a country I have no rights to live in. Nor would I rent from an owner who lives outside of the US unless they have a very good leasing agent who will oversee the property in their stead.
Frankly, the last thing I would do with my money is invest it in property in a country I have no rights to live in. Nor would I rent from an owner who lives outside of the US unless they have a very good leasing agent who will oversee the property in their stead.
Sep 5th 2018, 1:26 pm
#11
Deep in the woods of CT
Joined: Feb 2010
Posts: 7,002
Re: Buying property in the US
I am a UK Citizen with no visas for the US. I plan to rent out the property and have taken account the taxes.
I've already found a property and (provisionally) negotiated a price with the seller. So I was under the impression an agent wouldn't be of help, as they only want to sell their own properties.
I've already found a property and (provisionally) negotiated a price with the seller. So I was under the impression an agent wouldn't be of help, as they only want to sell their own properties.
Sep 5th 2018, 1:29 pm
#12
Concierge
Joined: Apr 2001
Posts: 46,387
Re: Buying property in the US
I feel the same way but for all we know, the OP could be planning on buying an apartment complex and will have an onsite manager and handyman to oversee the property. Wonder if it is in Florida's Orlando.
Sep 5th 2018, 1:32 pm
#13
Deep in the woods of CT
Joined: Feb 2010
Posts: 7,002
Re: Buying property in the US
He said Ohio, which seems a little weird to start with! There must be more to the story . . .
Sep 5th 2018, 2:47 pm
#15
Account Closed
Joined: Mar 2004
Posts: 2
Re: Buying property in the US
Real Estate Attorney, I used one when I bought without using a Realtor.