Remote Purchase of Real Estate in the USA

Remote Purchase of Real Estate in the USA

If you want to buy real estate in the US you don’t have to fly to America. Today it is possible to buy it remotely. If in the selected state the real estate transaction is drawn up by a lawyer, then you can simply issue a power of attorney for him, and the specialist will conduct the transaction from start to finish.

A similar power of attorney can be made at the US consulate in your country. There, the buyer will be explained all the details of the transaction. A special trust account will be opened in the name of a lawyer, where the buyer can transfer money for the purchase of the real estate. After that, the funds are already transferred directly to the seller.

It should be said that the risks of remote purchases are almost reduced to zero if the buyer has found a licensed specialist.

This all concerned the states where the purchase is carried out through a lawyer.

In other states, it is done through an Escrow – a special company. There is practically no difference. The consulate also draws up the necessary documents that are sent to the States. The money is transferred to a special account.

If the buyer wants to go overseas, then it is better not to take more than $9,999. If the amount in cash exceeds this limit, then the money will have to be declared. It is better in this situation to transfer most of the money to a trust account.

If the buyer is going to buy real estate on credit, then he will have to open an account with one of the American banks.

Important:

  • some domestic banks refuse to transfer money if the buyer does not have a contract for the purchase of residential property;
  • it is advisable to have a document confirming the information about the origin of the money so that the US customs service does not have any suspicions, such a document can be a loan agreement, or, for example, a contract for the sale of real estate in a buyer country.

Fact:

Picture Credit: Unsplash

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