I am pretty sure that your name can be on the title, even if you are a foreigner. What would more advisable for you is to create American based LLC, and buy the property on it. It's great for liability protection and for tax purposes.
I have read a blog of one foreign buyer who was buying house in USA, and he shared his experiences there:
Hope it helps.
There are many exemptions to this rule for example a transaction involving the transfer of a property acquired for use as the buyer's residence and the amount realized (purchase price) does not exceed $300,000. Find more information about FIRPTA on the IRS website http://www.irs.gov/businesses/small/international/article/0,
The tax situation is something you may want to discuss with a tax professional.
Documentation will need:
If you're paying cash: You need documentation proving who you are. (Example: passport)
If you need a loan: This can be tricky, because in addition to proving who you are, you'll need to prove income and credit, just like any US citizen. The problem is that US banks usually have difficulty accepting foreign credit bureaus, proving income, taxes, time on the job, etc. Three other possible options. 1st, can your friends qualify without you, you could be added to the ownership after the home is purchased. 2nd, many times it's easier to get financing in your current country. 3rd, a hard money loan, interest rates are higher and you'll need 40%-50% down, but no credit or income documentation is necessary.
Don't forget, just like anybody else you'll have to go through the standard escrow process.
Check out this blog post on Trulia about foreigners buying property in the USA, it should help you greatly:
Have a great day,
Heather Paul, Realtor
1-Please answer the following question and I can help you :
1-How long did you work in U.S.A?months and dates?
2-Where did you work ,in what state?
3-What kind of work was it ,and how did you get paid?pay-stubs?w-2's
4-Did you have a Social Security Number while working in US?
5-Did the employer use your social security number to pay you?
6-Where do you live and work,presently?
7-Are you buying the house wih cash?or you all need a loan?
Do you want to buy the house with how many individuals?and you want to know if your name can be put on title,yes?
If you have a soc.sec number it is easier ,than if you do not,
Let me know how you stand.
If you're paying in cash, you'll need identification. If you're taking out a loan, the best advice is to contact a mortgage lender in the area you're looking to purchase a home. When a non US citizen decides to sell their US property, certain tax restrictions may apply. FIRPTA, the Foreign Investment in Real Property Tax Act, was enacted in 1980 and provides that if the Seller of real property is a foreign person, the Buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies. A foreign person is a nonresident alien individual; a foreign corporation not treated as a domestic corporation; or a foreign partnership, trust or estate. A resident alien is not considered a foreign person under FIRPTA.
Go to the IRS website http://www.irs.gov/businesses/small/international/article where you can find more info on FIRPTA.
A good Realtor will be a source for information.
Secondly, if you actually plan to use the properties you may want to start investigating a visa. Depending on where you are from, you may be able to stay 90 days at a time without a visa, but over that you will need a visa. And if you end up using the property more than 182 days in a three-year rolling period, you may be obligated to pay US taxes.
Yes, if you buy a house your name will be on the title. When you make an offer (bid) you will need to use a real estate contract used in the state where the house is located. You will also need to prove the seller you are able to buy his/her house. If you pay cash you will need a proof of funds and if you are getting a loan you will need a letter from the lender showing you are pre-qualified for the mortgage and where is your down payment is coming from.
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And yes, your name can definitly be on the Deed!
Where are you buying and what is your budget?
ANd dio you have to buy with a US buyer? because you can definitly do it on your own if you have thecash.
Yes, you can be put on title along with your friends that are purchasing with you. For your own protection, you would want to provide identification etc. The same steps would be applied if you are making a bid on a property. The agent that is assisting you should request identification etc to make sure it is titled correctly and that you are correctly registered and identified with the property. Working with a competent and experienced agent is always a must in your situation. This does not avoid all the issues associated with a purchase but definitely helps with dealing with them. Send me a note if you would like more information or assistance in the process. I have 20 years of experience in the Real estate market and have experience in the mortgage origination process and have worked with foreign investors for several years.
sorry to be alittle vague on this but again each market is different, for example trying to get a UK person a loan in colorado and no way not how can I find a lender who will lend to a UK person in this state
if you need help let me know my company has offices in all 50 statea and can help you anywhere
I also have a client I am working with now who is from Australia and she also did the same thing. She brought money from Australia and put it in a USA bank. She also is working with Chase to secure some financing but it did take her several months to secure some financing.
There are plenty of foreigners coming from China and buying. So definitely people can buy here.
I think the documentation you need is your passport. You also mentioned that you are buying with some USA friends. So you may want to put a separate contract down with your friends and legally done with a lawyer as to your part in that contract.
Yo hablo espanoly . Eu estou aqui para ajudar y serir.
You can buy a home just need proof of who you are for title purposes you will have to answer some questions because of the Patriot act but if your not upto something fishy no special requirements.
Mortgage's are rather easy too