What are the requirements for buying a house in America?

Because of China's national conditions and more influences, we all know that Chinese citizens prefer to buy houses. Many wealthy businessmen not only buy houses in China, but also consider buying houses abroad. So what are the conditions for buying a house in the United States? The real estate market in the United States is relatively free and open, and almost no state government sets data similar to the "house purchase index". But we China people also need to know the following points when buying a house in the United States. Next, Bian Xiao introduced what conditions are needed to buy a house in the United States.

There are not many restrictions on buying real estate in the United States. As for China people who can buy American real estate without a green card, the real estate market in the United States is relatively free and open, and almost no state government sets data similar to the "house purchase index". Therefore, China people want to buy a house in the United States, as long as they are prepared and find a suitable real estate agent, everything will be fine.

Pay attention to some basic rules when buying a house in America:

You can't immigrate if you buy a house: foreigners can buy a house in the United States, but they can't get American identity.

Property right is different from residence right: in the United States, you can buy a house with property right or residence right, and the house with property right can be freely bought, sold and rented by the owner, while the house with residence right has only been owned for more than ten years, and can only be rented and sold through the property neighborhood Committee, which is several times cheaper than the house with property right.

Check out within 7 days after signing the contract: within these 7 days, the buyer can pay $300 to a company that specializes in checking the quality of the house. If unacceptable quality problems are found, the buyer can unilaterally terminate the contract and get back the deposit. If you have signed the payment, but the buyer is not satisfied with the house, or find a house that you like better, you can check out at any time within 7 days. But the $300 inspection fee is non-refundable. The agency fee is paid by the seller, generally 2.5%-3%.

The "worry" of buying a house in America

Although you buy a house in the United States, you will always own it, but after you buy it, you have to pay taxes every year until forever (unless you sell it). The US government levies a property tax equivalent to 1% to 2% of the real estate value every year. This means that every 50 to 80 years, you must pay the value of your property to the government again. If you don't have the money to pay the property tax on time, then the US government can confiscate your property. Auction your property to pay taxes.

In addition, according to the laws of different States in the United States, the annual property tax that owners need to pay ranges from 0.5% to 3% of the total house price. If rented, 5%- 10% will be paid as management fee. The rich in China have been expecting their houses to appreciate, but many Americans are eager to lower their house prices, because the real estate tax will go down with their houses.

You have to pay taxes on renting and selling houses.

If a foreigner's property in the United States is rented, the tax on the annual profit is 20% of his personal income. If his personal income is 5%-7% a year, 20% of this 5%-7% will have to pay taxes. After deducting building depreciation's expenses, generally about 3.5% and 20% are the actual tax expenses. Foreigners defined by the IRS are not foreign citizens in the normal sense, but foreigners who have lived in the United States for no more than 183 days in a year. Therefore, if a foreigner who is not an American and has no green card lives in the United States for a long time, he is not considered a "foreigner".

If you sell the property, you need to pay 33% of the house profit. Prior to this, the seller must pay the fees of the real estate brokerage company, the seller's notarization fee, the owner's property right insurance fee, the county government transfer tax, the municipal government transfer tax, the one-year housing warranty fee, the termite inspection fee, the housing deed document preparation fee, the document notarization fee, and the legal supervision fee of the brokerage company. In addition, all unpaid real estate taxes and community fees have to be paid off, which almost occupies the house. One of the costs of selling a house is to hire a broker, which accounts for about 6% of the house price. However, many people in Chinatown have a real estate agent's license, specifically to save the agent's expenses when buying and selling houses. In addition, no matter whether your property is earned or lost, foreigners have to pay income tax to the IRS, and the property right company will deduct 10% of the house price when transferring the property.

The above small series introduces what conditions are needed to buy a house in the United States. There are few restrictions on the purchase of real estate in the United States, and people in China are relatively free to buy a house. However, buying a house is not a trivial matter after all. Before buying a house, you should understand the relevant precautions clearly through various channels. The most reliable channel is to consult the local government about relevant policies and regulations. The content introduced in the above small series is for your reference only, and I hope it can play a certain reference role for everyone.