20 18 American real estate transaction process

More and more people will take a fancy to American real estate and go to the United States to buy a house. What are the transaction processes of American real estate? This is a concern of many people abroad. Below I will follow the real estate column to see the real estate transaction process in the United States. Welcome to reading.

American real estate transaction process

Generally speaking, the process of buying a house in the United States is as follows:

Find a suitable real estate agent and list the area and related requirements of your house. If you don't need a real estate agent, you must hire a real estate lawyer. If you hire a real estate agent, they will handle most of your business, including legal affairs.

Contact the loan company or loan broker, choose the loan scheme that suits you, and obtain the loan pre-approval letter.

Ask the real estate agent to find the ideal house for you, choose the house you like and actually see the house. The buyer decides the bid amount, pays the deposit (about 2-3% of the bid) and makes an offer. The offer will generally be answered within 24-48 hours, and the seller can choose to accept, reject or bargain again according to the buyer's bidding contract. Please note: this is a legally binding quotation, and it cannot be withdrawn unless it fails to meet the conditions (such as unqualified house acceptance or loan approval). In most cases, if you sign the quotation, it means that you must pay the house price according to your quotation.

After the house purchase contract is approved by the buyer and the seller, the third party, namely the custody company, handles the transfer formalities and deposits the cheque into the account of the custody company. The buyer and the seller will sign the formal transfer documents, and the seller will provide all the information and reports of the house.

The buyer must abide by the payment date agreed by both parties; The seller must guarantee the quality and delivery date of the house, and go through the house inspection formalities arranged by the buyer (the expenses shall be borne by the buyer). Both the buyer and the seller have the right not to implement any arrangement that is inconsistent with the terms of the contract. Property buyers submit loan-related documents to the loan company, usually including down payment certificate, work certificate, etc.

"Emergency of house inspection": During this period, the buyer can ask a professional and neutral home inspector to inspect the whole house, and the broker will assist in asking the seller for maintenance or deduct the maintenance fee from the purchase price. In California, if the buyer has any questions, he can sign the contract unconditionally and repay the deposit within 17 days after signing the contract.

"Loan Emergency": During this period, the loan bank will send appraisers to confirm the value of the house, complete the relevant materials required by the loan bank, obtain loan approval within the loan protection period of the house purchase contract, and complete the loan documents with the notary company or notary within the agreed time. If the loan is not approved by the bank, you can unconditionally withdraw from the contract and refund the deposit.

Complete the notarization procedure of transfer: before the transfer end date, purchase the home insurance and remit the down payment and handling fee of various transaction documents to the custody company by cashier's check or cash. At the same time, the bank lender and the property right company complete the procedures for the transfer of house property rights and complete the registration in the government department.

Final house inspection: three days before the end of the transfer, you can inspect the house for the last time to determine the condition of the house.

Get the key after the transfer, and complete the purchase and delivery of the house. At the same time, we should contact water, electricity, gas, telephone and other related services.

At the end of the transaction, the buyer will receive a detailed list of fees and real estate license, and the buyer will receive a real estate license within about 3-6 months after the transaction.

Although according to the current immigration law, foreigners can't get a green card to buy a house in the United States, the United States does not restrict foreigners from buying and selling houses in the United States. As long as you have enough funds or meet the requirements of American loans, you can find a suitable property to bid for. However, it should be noted that there will be a slight difference in the cost of buying a house and lending in various States in the United States. Please ask the responsible real estate agent to carefully understand the relevant regulations in order to find a house that meets their needs.