U.S. Real Estate Frequently Asked Questions

• Can I purchase a home in the U.S. all by myself?

It is almost impossible to do the entire process of buying a home in the United States by yourself. According to the current real estate system in the United States, a real estate agent is an important and integral part of the buying process.

• Are the legal rights of foreign investors protected after buying a home in the United States?

The property of foreign investors in the United State is protected by the same laws as that of U.S. residents. There are many third-party organizations that assist in the entire home buying and selling process; such as appraisal companies, home inspection companies, notary publics, banks, title insurance companies, and real estate brokers, among others.

• Is there a limit to the number of foreign investors who can purchase or invest in U.S. real estate?

The U.S. real estate market is one of the most open and liberal in the world, with no restrictions on the number of buyers worldwide.

• Do I need to be present for the closing of a U.S. property?

No, U.S. real estate transactions are more often negotiated by both parties through a broker, and there is no institution like a real estate exchange, so it is not necessary for both the buyer and the seller to be present.

• What is the closing date?

The closing date is the date agreed upon in the contract between the buyer and seller when they reach an agreement. If both parties agree, it is also possible to close before this date. Generally, the following four things need to be accomplished on the closing date: The buyer will make payment (usually by check or wire transfer) before or on the closing date. The seller and buyer sign the title transfer and transfer the keys of the house to the buyer. The title company/attorney/notary goes to the local government office to register the property. Seller receives payment with closing fee and loan balance deducted.

• What is the term of ownership of real estate in the United States?

Title to real estate in the U.S. is freehold and not only can it be an investment, but it can also be passed down from generation to generation. Section 149 of the U.S. Property Code provides for the automatic renewal of residential building land upon the expiration of its use. The Constitution expressly states that personal property is paramount. For personal property, land and property are not subject to age, but only to an annual property tax.

(This article is from XiaoHongShu Tampa and Orlando Realtor 蛋蛋)

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