Method May 5: Buy the house
- Close the deal. You have found the house that convinces you. When signing, releasing the money and occupy the new property. But still you need to be aware of some aspects.
- Consult your attorney. This was mentioned above and is reiterated. He or she is the one who can tell you about the legal documents that are needed in a sales transaction and monitor are in order.
- Some of them are the letter of intent (containing an offer by the buyer and terms of payment), the titration study (by which verified that the property is registered in the Public Registry of Property and Commerce) certificates encumbrance (which ensures, among other things, that the property is not at issue) and no debt prosecutor, as well as an official appraisal.
- Be sure to make property transactions before a notary public. The notary public is who is responsible for correctly identifying the property and attest that the documents of both parties are in order.
- In an ideal world, the notary carry out these actions scrupulously and honestly; in the real world, it is no more than you or your lawyer will inform the holder of the notary’s office where the operation is performed.
- Ponders the type of sales contract or suits you best suits your circumstances. The transfer of property from seller to buyer is affected by this contract. A term contract with reservation of ownership will allow you to enjoy the property even if not yet have paid the full amount of the operation (of course, the title will remain with the seller until the debt iniquities).
- If you are a foreigner, but you want to buy a property in US in one of the so-called “restricted areas” such as beaches, you can do so through a trust with a bank. Be very clear the total price you pay for the house, the time it takes to give it to you and under what conditions.
- Take into account that horrible word, the tax. In our country, at the time a real estate transaction, the buyer is required to pay a tax of 2% of the value of it. However, there are some exceptions, such as when a parent gives a property to his son asks if, by chance, your case can be seen in some of them.
- Using hitch or initial deposit, which must be at least 10%, you can begin the process of legal acquisition. The remainder will be paid according to what they subscribe in the sales contract; normally it is made by signing the scriptures in front of the notary.
- Enjoy! You are the new owner!
- If you do not have a regular lawyer, be careful when choosing one. Find out about the experience of your prospects and ask for references from them. Inquire among your acquaintances to see if they have someone you trust.
- If you are applying for a bank loan, you should know your history in the Credit Bureau. You can do this (and seek advice to clean it up, if necessary) here.
- Note: If a bank loan, but the payment plan you no longer satisfies, US law allows you to transfer it to another bank.
- By law, notaries must notify the Financial Intelligence Unit when a real estate transaction goes from the 1.076 million dollars. Developers and estate agents are required to do the same for excess of 540,000 dollars amounts. This is a recent legal provision to prevent money laundering.
- You can have the money and maybe lured the idea of taking in suitcases to close a deal, but still cannot use more than 540,000 dollars in cash to buy a house. US law requires that if the transaction amount exceeds this amount, the rest should be paid through a bank instrument such as a check or a transfer.