- It is 100% viable to buy a property with a tourist visa.
- To buy a property in cash (cash) no visa or tourism is required.
- If the purchase is “cash” the buyer does not have to be present in the USA. He or she may grant a power of attorney to make the purchase.
- To buy with financing, if you need a visa, at least Turista.
- The purchase can be done perfectly with financing of up to 50 to 70% of the value of the property depending on some considerations.
- Financing can be obtained through a bank or private entity.
- If the price of the property is very low, it is unlikely to obtain financing from a bank. In those cases, in general, the purchase must be made “cash”.
- A down payment is required between 30 to 50% of the value of the property, depending on some particular considerations.
- Banking requirements are usually standard but with certain variations from one bank to another.
- Banks are usually strict when it comes to knowing the origin of funds. Not so private entities.
- Payment for services rendered by your real estate agent is borne by the seller of the property, not the buyer.
- The closing process can usually be completed in 45 days.
- The money from the initial contribution and closing expenses must be in the U.S. at least for 3 months prior to financing.
- The funds must be from the buyer, meaning the person who is going to sign the financing. These must have been in your bank accounts for at least 3 months.
- In the U.S. In the U.S., real estate sales tax is paid. Not about the purchase.
- If the property is rented, that gain must be declared (tax income). For this it is necessary to draw an “ITIN number”. It is advisable to have the services of an accountant.
- It is always advisable to buy in the name of a corporation. In the unfortunate event of the death of the owner, the American government requires the payment of inheritance tax, which can usually be very high. But if the owner is an LLC (limited partnership) of which you are a shareholder together with a Foreign Corporation (Foreign Corporation) the heirs do not have to pay anything to receive that property.
- The purchase of a house does not lead to obtaining an American residence (green card) by concept investment as some think. For this there are multiple ways that can be evaluated and always with the advice of an expert lawyer in immigration matters with proven references.
