Guidance for Residential and Commercial Property

The Process of Property Purchase

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Is it difficult to buy property in the United States?

Being an NRA – Non-Resident Aliens, one has to face few minor restrictions in the real estate market of America. But they play the role of trivial in investment purposes. When it comes to federal level, there are only few restrictions for the NRAs investing or owning in the real property. These restrictions are mostly considered unimportant whereas in the state of Oklahoma, the foreigners are restricted in buying land, but they are allowed to buy condominiums.

Procedure followed in New York city for property purchase

There are many procedures that are followed in a different state and vary from different countries as well. Let’s take a look at the procedure that is observed in the City of New York.

An offer must be made to your agent orally, who will pass on to the seller or to the seller’s agent. The seller may offer you, starting from the process of negotiation and will lead to an agreement on terms, price and the date of closing.

The attorney of the seller will start with the beginning of contract preparation of sale. The document will be then obtained and reviewed the survey, deed, promissory notes, policy of title insurance, the mortgaged property, tax bills, occupancy certificates, utility and fuel bills, elevator permits, leases, pools and many more.

The condominium’s financial condition will be examined by the buyer’s attorney.

He will then negotiate and review the deed of contract, the policy of title insurance, and also the documents that are referred in the policy title such as occupancy certificate, survey, tax bill of real; property, cooling, heating, and bills of electricity.

Once the condominium’s financial status, the building by-laws and the sale contract is satisfactory, the buyer’s attorney will give you permission to sign the contract. 10% of the price purchased must be deposited and it will precede to the seller for his/her signature. The money deposited will be handled by the escrow of the seller’s attorney until the closing period.

The application materials and the board requirements will be received from the agent of real estate. If you are not purchasing from the developer directly, then you will have to follow the rules of Board of Managers. You must completely cooperate the requests from the condominium’s board and must provide documentation if required.

The revival of application will be done and if all the materials required are included and is in the right order, then the approval will be granted.

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