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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! |
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. |
Re: Buying property in the US
Originally Posted by dale dalton
(Post 12558575)
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! 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. |
Re: Buying property in the US
Originally Posted by mikelincs
(Post 12558648)
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.
Originally Posted by ddsrph
(Post 12558597)
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.
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Re: Buying property in the US
Originally Posted by dale dalton
(Post 12558798)
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. 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. |
Re: Buying property in the US
Originally Posted by dale dalton
(Post 12558798)
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. |
Re: Buying property in the US
@ddsrph thanks!
Originally Posted by tom169
(Post 12558884)
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. |
Re: Buying property in the US
Originally Posted by dale dalton
(Post 12558887)
@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! |
Re: Buying property in the US
Originally Posted by MidAtlantic
(Post 12558889)
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.
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. |
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. |
Re: Buying property in the US
Originally Posted by dale dalton
(Post 12558798)
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. |
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.
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Re: Buying property in the US
Originally Posted by Rete
(Post 12558947)
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.
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Re: Buying property in the US
Originally Posted by mikelincs
(Post 12558648)
Houses are reasonably cheap in the US
Houses are "reasonably cheap" in some parts of the US. |
Re: Buying property in the US
Real Estate Attorney, I used one when I bought without using a Realtor.
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