Purchasing procedure

The purchase procedure at DETROIT

Investing in the United States is much simpler than it seems. You can own in 15 days only. All you need is the money to go fast and grab the best opportunities.

1-Creating the Administrative Folder

In an 1er time, it will be necessary tocreate an LLC(company in the USA) to insure your investment. The interest of investing through an LLC helps protect your wealth as well as you directly in the event of litigation or otherwise. Of course, we will take care of creating an LLC and launching the opening of the remote banking account linked to your LLC. A debit card will be sent to you as well as an online access to your US bank account.

We offer a Package for$ 1.000 only:

  • Creating your LLC
  • Obtaining the tax number EIN
  • Opening the bank account with debit card and online access
  • The 1er year of accounting

 

2-Signature of an offer to purchase

It's time to sign an offer to purchase a property of your choice, previously selected from the list on our website (Houses available HERE)

3-Deposit Deposit

A deposit of 10% of the price of the property will then be asked to validate your offer to purchase. This sum will be payable upon signature of the offer to purchase (see paragraph 2)

4-Closing of purchase (closing)

It is the moment of the closing of purchase (closing of the sale if you prefer) around 15 days after the signature of the offer of purchase. From this moment, it will be necessary to pay the balance, ie 90% remaining at the notary. A notary in the US, is commonly called a TITLE AGENCY or TITLE COMPANY. The TITLE COMPANY in charge of the elaboration of the official documents, will communicate to you the documents of the closing of purchase where will be listed:

  • The purchase price of the property agreed with the seller
  • The bank details of the account of the title company for the payment of the balance (90%)
  • The prorate of property taxes to be paid upstream for the current year
  • The 10% deposit paid in advance at the signing of the offer to purchase
  • Any water bills, electricity still due etc ...
  • The fees of the title company (about 1% of the price of the real estate)

In the end, once all these elements are calculated, you will need to make a bank transfer of the amount claimed. Upon receipt of funds by the title company, it will pay the funds to the seller. (as the notary in Europe)

5-The title deed

The title company will provide you with the signed closing documents of the 2 parts (seller / and you), withthe WARRANTY DEEDproving that you are the new owner of the property!

 

6-Collection of rents

Remember that the house you are going to buy is already rented with a tenant who pays regularly. As a result, starting the month following your acquisition, you will start to collect the rents! Rents will be paid monthly to the bank account linked to your LLC that we have opened in advance (see paragraph 1).If you have subscribed to the rental depositIn this case, your 8%, 9% or 10% annuity will be paid quarterly to your US bank account.

7-Accounting

Each year, it will be necessary to report your rental income generated by your property in Detroit. Do not worry about this, because we also offer this accounting service that will save you time and money! You will be very little or not at all imposed on US soil. Thanks to your LLC, your tax in the USA and Michigan will be very lightened.

Contact us for more information about this

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