Buying and selling real estate in the US and New York. Bulletin board
Buying and selling real estate in the US and New York City is an art in itself. Usually, not only a realtor, but also a whole team of professionals helps the investor and the seller in this matter. Real estate in New York is always in high demand. There are several reasons for this. First, the city of New York is the largest city in America, as well as a recognized world center for technology, art, fashion, media and finance. It is one of the most popular tourist destinations in the world, with more than 65 million tourists visiting the city every year. It is also the largest transport hub: there are three airports and a seaport in New York. New Yorkers have the highest per capita income of any region in America. The city is home to more than 100 billionaires and more than 3.4 thousand super-rich people (owners of net assets of $ 30 million, not counting the cost of the main housing). And this means that effective demand for real estate is provided.
Prestigious universities and the best schools in America are located here. People who need housing are constantly arriving in the metropolis. Tourists and transit passengers – for the night or for a week or two. For those who come for work and study – for months and years. At the same time, it is customary to rent housing in the city. Nearly 70 percent of apartments in New York are rented out.
Buying and selling real estate in the US and New York City is an art in itself. Buy a house an apartment in the USA, bulletin board. Rental housing in New York and Chicago. Apartment in Los Angeles and Washington. Room for rent in San Francisco and Miami. US real estate prices.
To obtain a mortgage loan, most buyers turn to a mortgage broker or bank loan agent. These specialists will not only accept your application and pass it on to other bank employees. Their task is to assess your financial situation, determine the preliminary loan amount you may qualify for, and calculate your monthly payments. They will also assist in the preparation and submission of a loan application and explain all aspects of the loan process.
Mortgage brokers generally do not act as lenders themselves. They arrange and negotiate the conditions for obtaining loans from various banks on your behalf. A mortgage broker selects possible financing options and advises the most suitable one. It helps borrowers access loans they might not otherwise know about. If you don’t want to deal with different banks on your own, a mortgage broker is the best option.
In most cases, the services of a mortgage broker are free for the buyer, since the commission is paid to him by the bank.
Loan officers are bank employees who have direct access to underwriters – the very people who assess the risks of issuing a loan and make the final decision on each client. If you go to a loan agent, you can get a response faster than if you go through a mortgage broker, but you may have to apply to several banks to get the best conditions, and this will already be long and laborious. Getting a mortgage loan in the United States is real for a foreigner. Banks offer programs designed for foreign buyers, with the ability to finance up to 60-75% of the value of real estate. However, you will have to collect a lot of documents and go through several stages of communication with the bank.
The next step is obtaining pre-approval for the loan. To do this, you must fill out an application for a loan and provide the loan officer with documentation confirming your income and assets.
Real estate lawyer
Your attorney must be licensed to practice in New York State and have experience representing foreign homebuyers. An attorney must have the experience and knowledge to recommend the best property ownership structure. The lawyer advises on tax issues, including under the Foreign Investment Property Taxation Act (FIRPTA), and also monitors compliance of drafted documents with the requirements of the City and State of New York, federal law and international double taxation treaties.
The lawyer also assists foreign clients in the preparatory phase, such as obtaining a tax identification number, opening a bank account in the United States, applying for funding.
An attorney should always be consulted before signing any documents related to a purchase. Before signing the purchase agreement, your lawyer should conduct a thorough check of the underlying documents. He must examine the title deed, by-laws, building regulations (for pets, guests, redevelopment, renovations, noise, sublet rules, etc.), board minutes, financial statements for the last four years, lease agreement , the number of residents-owners, the number of investment apartments, the existence of lawsuits and any other documents that may be relevant to the buyer or to the transaction.
Studying these documents, as well as the physical and financial condition of the house, will allow you to make the right decision regarding the purchase.
Once all terms and conditions have been agreed, your attorney will send you four copies of the contract, which you must sign and return to the attorney’s office along with your personal down payment receipt (or proof of bank transfer). The amount paid will be transferred to the deposited account of the seller’s lawyer, where it will remain until the actual closing date of the transaction – at this stage it will be used to pay the purchase price.
Once all necessary approvals and approvals have been obtained, your attorney can schedule the closing of the deal with the seller’s attorney, your creditor’s attorney, and the building’s managing agent. A lawyer will be with you at the closing to explain the essence of all loan and closing documents that you will need to sign.
After closing, the lawyer will provide you with the final closing statement and copies of all the documents that you signed at closing. As a rule, it is possible to close a deal with a loan within eight to ten weeks after signing the contract. The term for transactions without financing is two to three weeks. Of course, the buyer and seller can agree to close at a later date if it suits either of them. For example, if they want to wait until the end of the school year, or if the seller’s new housing is not yet ready. The buyer is advised to be aware of all the details in order to close the transaction on time, reduce costs and sign only those documents with which he agrees. Once the deal is closed, save any paperwork you may need to pay taxes, insurance, refinance, and resale.