6 steps not to be overlooked
1- CREATING THE ADMINISTRATIVE FOLDER
In an 1er time, it will be necessary to create an LLC (company in the USA) to ensure your investment. The interest of investing through an LLC allows you to protect your assets as well as you directly in the event of litigation or other. Obviously, we will take care of creating an LLC for you and initiating the opening of the remote bank account linked to your LLC. You will be sent a debit card along with online access to your US bank account.
We offer a Package for $ 1.500 only :
- Creating your LLC
- Obtaining the tax number EIN
- Remote bank account opening with debit card and online access
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2- SIGNATURE OF A PURCHASE OFFER
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)
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3- DEPOSIT DEPOSIT
A deposit (EMD = deposit), generally $ 5.000 will be payable at the notary (title agency) to validate the reservation. The costs of setting up the LLC and the bank account ($ 1.500) will be payable upon signing the offer (see paragraph 2) via international transfer to our company’s account. Once the deposit is credited, we will officially validate the articles of association of your LLC and the opening of your LLC’s US bank account. We will send you the “Articles Of Organization” of your company in the USA. A withdrawal period will be allowed allowing you to recover your deposit less the costs of setting up the company (LLC). After this period, be aware that the deposit will not be recoverable.
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4- PURCHASE CLOSING
It is the time of the purchase closing (closing of the sale if you prefer) around 15 days after the signature of the purchase offer. From this precise moment, the balance will have to be paid, ie the remaining 90% to the notary. A notary in the USA is commonly called a TITLE AGENCY or TITLE COMPANY. The TITLE COMPANY, in charge of preparing the official documents, will send you the purchase closing documents which 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
- Deposit ($ 5.000) paid in advance at the signing of the offer to purchase
- Any water bills, electricity still due etc …
- The title company fees (between 1% and 2% of the price of the property)
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)
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5- THE TITLE DEED
The title company will provide you with the signed closing documents of the 2 parts (seller / and you), with the WARRANTY DEED proving that you are the new owner of the property!
A WARRANTY DEED or PROPERTY DEED WITH GUARANTEE, insures your investment. This title deed gives you the certainty that your home has no mortgage, no outstanding taxes, no delinquent bills.
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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).
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