Buying a Property in the USA

Property in the USAThe US has no restrictions on foreign buyers from the EU (private individuals or legal entities) with respect to the purchasing of real estate. The individual steps involved in the purchase process and the respective fees and charges to be paid by the buyer vary from state to state.

Since most of our clients who are looking to buy property in the US are interested in the State of Florida, we will focus on the rules and conditions applicable to this state.

The signing of a reservation contract will usually require that the prospective buyer put down a deposit of 10% of the purchase price. To securely handle all financial transactions, the funds are first transferred into an escrow account that is in the name of an independent third party (usually a title company or attorney). The balance of the purchase price is paid after the ‘closing’ – where the transaction is finalized by the signing of title transfer paperwork and the payment of the related fees and charges.

In the US, it is customary for each party to the given transaction (i.e. buyer and seller) use their own realtor and/or attorney to properly represent their interests. If buying into a condominium complex or a resort, the transfer of title may require an approval by the respective management board.

The buyer usually has to pay one-time transaction-related fees and charges that run approximately 5 – 6% of the purchase price. There are also annual property taxes, which average roughly 2% of the recorded value of the property. Real Estate Broker’s Commission: 3 % (+VAT).

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