Buying property in the United States has become an important way for many investors immigrating to the U.S. to allocate overseas assets. New immigrants unfamiliar with U.S. laws must hire local real estate lawyers, as there are lawyers who specialize in real estate matters. Their role in the buying and selling process is irreplaceable. WorldWay's U.S. immigration experts will provide a detailed analysis for you.
Sales Contract
This is the first step for the lawyer. To protect their respective interests, both parties in the transaction have their own brokers and their own lawyers. This includes both the buyer and the seller, totaling six parties involved. With the help of both brokers, the buyer and seller have already reached an agreement on the price and additional conditions before drafting the sales contract. The lawyer's first task begins here, as both lawyers draft the contract using legal language and terminology based on the previously agreed terms. Through this sales contract, the lawyers help their clients understand the responsibilities and obligations of both parties in the contract, as well as the legal consequences of any violations. The contract is then signed based on mutual agreement.
Title Search
Only after both parties have signed the sales contract can the lawyer's second task begin. They will go to the land registry to conduct a title search. This involves reviewing the title report and examining the property deed. If the property is an inheritance, they must also check with the local probate office. Both the land registry and the probate office are governed by counties, and every property is registered there. The transaction history of each property is recorded, some of which can be traced back a hundred years. The title search ensures that the seller has full ownership of the property and that it can be legally sold.
Closing the Transaction
This involves the buyer and seller, along with their respective lawyers, and sometimes both real estate brokers, signing the documents. At this point, the title search is complete. The buyer's funds are in place, and the seller has completely vacated the property. The documents signed mainly include the deed, loan documents (for the buyer), loan payoff (for the seller), and the transfer of property taxes and utility meters.
Post-Closing Registration
At this time, the lawyer updates the records at the title registry with the new owner's name and archives other legal documents, including the registration of the seller's repayment proof. The buyer can expect to receive the updated deed approximately two weeks later.
The lawyer can also help clarify the following issues:
How long after a cash purchase can the keys be obtained?
After signing the sales contract, it typically takes about two weeks to obtain the keys. This is the time required for the lawyer to conduct the title search. If everything goes smoothly, the keys can be obtained in two weeks. However, the results of the search may reveal unclear title issues, such as joint ownership with others; or the seller may have legal issues, and the property may be mortgaged, preventing its sale. These issues must be resolved before the sale can proceed. The lawyer will assist in resolving these title issues, but it may take more time.
Additionally, the title search can reveal certain usage restrictions. For example, pedestrians may have the right to pass through a side lawn of the property, and as the owner, you cannot prevent this, which is known as an easement.
For instance, you may have an easement over your neighbor's backyard path. These are indicated on the title, but you would not know about them without a search. When you are pleased to have purchased a property at a lower price compared to similar homes, it is even more important to understand its title and any usage restrictions. Properties with usage restrictions may pose challenges when reselling in the future.
In addition to the property price, what other transaction fees do buyers need to pay?
In the Boston area, you can expect to pay approximately 1.5%-2% of the property price in transaction fees, which include attorney fees, title insurance, title registration fees, initial property taxes, and initial property management fees, insurance fees, etc. Note that the buyer's broker fees are paid by the seller.
The primary role of the lawyer in the transaction process is to explain legal terms and engage in equivalent legal documentation with the opposing lawyer. They fully protect the client's interests under the law. Remember, the lawyer's team includes many specialties, and you should seek a local lawyer who specializes in real estate for property transactions.
In light of the imminent rapid rise in the U.S. dollar exchange rate, converting RMB assets into U.S. dollar assets is undoubtedly a good way to allocate assets. WorldWay's U.S. immigration experts analyze that in 2015, U.S. investment immigration will face complex situations such as waiting periods, increased investment amounts, and the expiration of regional center legislation. At this time, the strong recovery of the U.S. economy highlights what can be called the golden application period for U.S. EB-5 investment immigration. For investors intending to immigrate to the U.S., applying for U.S. EB-5 investment immigration during this time can actively respond to immigration waiting periods, avoid uncertainties such as increased investment amounts and the expiration of regional center legislation, while also taking advantage of the opportunity for overseas asset allocation.
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