When you are on a mission to buy a new property, take into consideration the current market trends and the timing of the year. A variety of factors, such as the complexity of the transaction, may delay your property purchase.
Buying a new property can have numerous drawbacks, especially for foreign buyers, which amount to the majority of home buyers in South Florida and major American cities such as New York, Los Angeles and Washington DC.
Foreign buyers are subject to FIRPTA (Foreign Investment in Real Property Tax Act ), which is equal to 15% of the property sale value. In order to avoid FIRPTA, consult an experienced immigration and real estate lawyer.
Also, it’s very important to title your property in the right way to avoid taxes and ownership complications. Only an experienced real estate attorney can assist you with structuring your property in the right manner.
The structure of the transaction can be affected on the basis of whether:
- It’s a cash purchase
- It’s a financed transaction
A transaction which requires a mortgage is a lot more complex than a cash transaction. An experienced real estate attorney will advise you appropriately.
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