The buying process in the USA follows strict legislation. In order to clarify the procedures and explain some of the terminology, we have compiled a list of frequently asked questions and answers.
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There are several kinds of ownership deeds relating to purchasing a property in the USA. While your realtor will usually take care of organising the deeds on your behalf, it's nevertheless important to have an understanding of the process and the types of documents you are signing your name to.Read more
As in other cities in the United States, there is enormous variation in wealth and income levels in the USA. House prices and rental rates can differ considerably between neighbourhoods and from street to street. The same is true of homeowners association fees.Read more
The mission statement of the the USA Code Enforcement department is “To protect the health, safety and welfare of the citizens of the USA, and to preserve the aesthetic character of the USA through the enforcement of Housing, Lot Cleaning, Parking and Land Development Codes”.Read more
The point at which you'll be asked to hand over your earnest money deposit in the USA will usually be determined by the type of property you're buying. It will also depend on how you've bought the home from and whom. If you are buying a home direct from an owner, you will typically pay the deposit straight after you sign the sales and purchase contract.Read more
There are two main factors to consider when it comes to determining how easily a property in the USA can be let: the type of neighbourhood where the home is located, and the depth of the rental market in that area.Read more
The price of title insurance is calculated according to the value of the property you are purchasing. A cost scale is provided below. The minimum cost of title insurance in the United States is $100; even if the nominal price comes in at below $100, you will still pay $100. Remember that this is a one-off payment, and, in contrast most other insurance policies, you will not be expected to pay a recurring monthly or annual fee.Read more
The eviction process in the USA is relatively straightforward and can usually be overseen by a representative in your absence. Indeed, it is typically among the many services a good property management company will offer to its clients. They will usually look to resolve the issue with a minimum of fuss and without the need for an attorney where possible.Read more
Theoretically electronic bank transfers allow your tenants to pay cash directly into your account wherever you happen to be in the world. However, international transfer fees can be extremely costly for both parties, so it's worth considering the alternatives.Read more
The type of insurance you'll need on your the USA property will be much the same as the cover you'd purchase in the UK or in any other country. Buildings and contents insurance are the first insurance products you should think about buying. These protect the home and its grounds against damage from fire and flooding as well as theft. The contents and permanent fixtures within the home will also be covered.Read more
Ideally you should always look to go through a realtor when buying a home directly from a seller, regardless of whether you're investing in the USA or Oslo. It's simply the safest way to do things, particularly if you're not familiar with the local market and fully up to speed on the various processes and regulations involved.