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Property Buying Information

Buying property in the USA is usually a simple and straightforward process – not every transaction is perfect, but the developed nature of the property market means there are many professionals available at every turn to aid in the buying process. First, as always, a local trusted lawyer should be employed to help with all dealings and help avoid any potential legal pitfalls.

Once a property has been decided upon, an offer can be made and the buying process begins in earnest. During this period it is normal for the property to undergo a number of inspections by parties on the side of the buyer, just to make sure all facets of the transaction have been taken into account. Once an offer is accepted a Residential Purchase Agreement can be signed – essentially a pre-contract – and a deposit is paid. Once all legal wrangling have been taken care of by legal parties on both sides, the main contract can be signed, notarised, the outstanding balance transferred to the seller and the deal is closed. Documentation is then sent to the local land registry for the sale to be finalised.

Notary, lawyer and estate agent fees vary, and taxes usually come to around ten percent of the total cost of the property.

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