Do I have to hire a real estate lawyer when buying properties in New York?
Yes! In New York, although there is no law requiring you to retain an attorney for real estate transactions, in reality all real estate deals are ultimately executed by hired lawyers. For buyers, lawyers need to do due diligence on the property they are going to purchase. They will review the sales contract for buyer's side of interest, investigate property titles and building bylaws. Since the sales contract is a legal document, it can and often will involve many subtle terms. If the seller's lawyer made out a sales contract that has a lot of hidden traps and only benefit the seller's interests, then you will be in a very disadvantaged position as a buyer. So hiring a local lawyer who is familiar with the New York real estate market is very necessary.
Can foreigners buy a home in New York?
Absolutely yes! The United States real estate market is open to the world and even if you do not have a U.S. green card or U.S. citizenship, you can buy real estate in New York and all USA.
Can foreigners get a mortgage when buying real estate in New York?
Absolutely yes! Foreign buyers can apply for a mortgage in the United States. If a home buyer wants to get a loan, it is best to contact the bank before seeing the properties. After you get a Pre-Approval Letter you become a Qualified Buyer! Since buyers need to show a pre-approval letter and proof of funds at the time of presenting his/her offer, otherwise the seller will not consider the buyer's offer. Buyers need to determine in advance the amount of money he/she is going to borrow and understand bank financing requirements. Only in this way, will it not delay the purchase plan.
Can I buy a home in the name of a company?
Yes! Foreign investors can buy their own properties in the name of an individual or in the name of a company. Some people purchase property in the name of an individual and later on place the property under a company name. Your lawyer can give you the best answer to the pros and cons of buying a home in the name of an individual or a company. To register a company, you also need the help of a lawyer or certified public accountant (CPA).
After I purchased real estate property in New York, can I ask you to rent it out for me?
Of course! I am a professional real estate agent who started this career as a Rental Agent and is capable of serving international clients in all aspects. I am familiar with every aspect and process of leasing a home, as well as laws and regulations on property management in New York.
Do I need to go to New York to complete the real estate transaction?
Not necessarily! You can authorize a trusted family member, friend, or lawyer to complete real estate transactions on your behalf. In fact, many international buyers purchased real estate properties sight unseen and closed their transaction while he/she is not in the US.
After I rent out my home in the US, do I need to pay tax?
Yes! Rental income is also considered taxable income, and is required to pay taxes to the IRS. Taxation for overseas investors are different from those of the U.S. natives. Individuals and companies renting apartments also have different tax codes. International buyers should consult a certified public accountant (CPA) to understand the current tax code. After you buy a home for rent, you need to have your own personal or company tax ID to pay tax.