Apartment in the center of New York: how to choose the best property?
For someone, an apartment in the center of New York is an unattainable dream and for another one it is an absolutely real plan for the acquisition of real estate for life and work in one of the most dynamic cities in the world. If you intend to move to New York, it is necessary to know in advance how to make transactions with real estate in the United States, what pitfalls can be and how to carry out the procedure with minimal nerves and money.
How to buy an apartment in the center of New York?
First you need to decide on their capabilities. The metropolis offers a huge amount of real estate, so you can almost always find the perfect option. Then you need to get acquainted with a mortgage broker if you can not buy independently an apartment in the center of New York. The broker will select the most suitable lending program with loyal conditions.
Then you should reach an agreement with a lawyer. It is he who will deal with the bureaucratic side of the purchase – structuring, preparation of the contract, state registration of housing and paperwork that will confirm your ownership. Acquaintance with a lawyer will last quite a long time, so such a specialist should look closely and not rush to negotiate with the first one.
Then you need to consult with a tax expert. Depending on citizenship or residence permit in the United States, tax liability may vary. Tax Advisor will help you to determine your conditions and calculate the amount to be paid.
If you want to buy an apartment for subsequent lease, each year you will need to fill in the declaration and submit reports to the tax office. Therefore, it is better to get a personal accountant who will deal with financial issues.
Another nuance, it is impossible to buy an apartment in America for cash or simply by paying with a plastic card. You need a bank account in the United States, if you do not want to open it, you can transfer funds to the deposited account of the selected lawyer.
Everything described above is only a preparatory stage. Once all the formalities are settled, the real estate search begins directly, usually together with the broker. When a suitable option is found, you need to make a purchase offer – it is issued as a document that defines all the details of the sale. After that, negotiations and amendments to the document begin. When agreement is reached, the sale and purchase agreement must be signed, be sure in the presence of a realtor. The paper specifies all the nuances – the amount of the sale, the date and time of signing, the evaluation of the object, the results of the inspection. At this time, the buyer must make a deposit – about 10% of the total value of the property. The funds are transferred to the lawyer’s or title company’s account.
After making a deposit, lawyers check the purity of the selected property and engineers conduct a technical inspection.
In fact, the transaction ends a few days after the parties signed the contract. At the end of all this way, all participants, including insurers, brokers, tax experts, etc., get together and put their signatures. After that, the last payment is made and the buyer receives the ownership and keys to the apartment.