From New York brownstones to Californian coastal retreats, no matter what your property goals are, we provide expert guidance on buying a house in the USA.
Feel confident in securing your residential investment with our breakdown of the legal regulations and fiscal policies to follow when purchasing property in the USA.
Find a propertyThere are no restrictions on who can buy property in the USA; you don't need to be a citizen or resident, but this doesn't give you a direct right to permanent residency. To live in the USA, you'll need the appropriate visa or residence status.
You'll need to apply to the Internal Revenue Service (IRS) for a Taxpayer Identification Number (ITIN), and if you require a mortgage, you'll need to open a US bank account.
Once you've found the property you'd like to purchase, put in a written offer.
This offer includes details such as purchase price, contingencies, and the proposed closing date.
Carry out appropriate due diligence, including conducting a title search, ensuring the property complies with local zoning and land-use regulations, and performing a property inspection.
Once your offer is accepted, both parties sign a legally binding purchase agreement, outlining the terms and conditions of the sale.
You'll also need to submit an earnest money deposit, typically 1-3% of the purchase price.
To officially transfer ownership of the property, you'll need to sign the title deed and record it with the local county recorder's office, sign any home loan documents, set a closing date, and pay the remaining purchase balance, including fees and taxes.
Property transfer tax varies by state, ranging from 0% to 4% of the purchase price.
Title insurance varies based on property location, purchase price, and the extent of coverage, but it is typically 0.5% to 1% of the purchase price.
Attorney and legal fees usually range from $500 to $2,000, depending on the state, and are split between the buyer and seller.
Escrow fees are roughly 1% of the purchase price.
Overseas buyers need to consider the Foreign Investment in Real Property Tax Act, a levy that requires foreign sellers to pay tax on gains from the sale of US real estate. The buyer is typically responsible for withholding the tax, usually 15%, and sending it to the IRS.
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