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Purchasing American Property

United States (USA) - Purchasing American Property

QUICK LINKS: USA Guide - USA Discussion Forum - USA Property Listings


Once you have found the right home, the following is typical of the purchase process:

- You should have already agreed with a lender regarding a mortgage. United States lenders will often lend to foreign nationals with the proper income and employment verification.

- Place an offer on the property through a contract. The offer negotiations can go back and forth numerous times. However, an offer is a binding contract so once the seller agrees to it, this starts the formal purchase process.

- A deposit is placed in escrow, made by the buyer, to the seller. This earnest money is to show your good intentions to purchase the property.

- The buyer is responsible for all inspections and appraisals. Inspections are not always necessary, unless the lender requires it. However, all lenders will require an appraisal to be conducted to ensure the value of the property meets the loan amount at least.

- A title search is conducted. This title search is part of the closing documents and generally performed by the real estate agent as part of their service.

- Once this is complete, a final sale is recorded through a deed of sale contract which is then filed with the county. At this point, all funds need to change hands and transfer of the possession of the property occurs.

The entire process of purchasing real estate in the United States is likely to take between 30 and 60 days, or sooner if payment in cash is made rather than a loan.





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