Currently, the state of Arizona is experiencing a large influx of people from Canada purchasing U.S. real estate.
The specific reason is due to the relationship of the Canadian and U.S. economies. It has gotten much easier to purchase U.S. real estate, but what many Canadians do not realize is just how easy it is is. One of the hot spots for foreign investment is Arizona.
There are two things that are key to a smooth U.S. real estate purchase.
The first is knowledge of U.S. real estate laws and the second is an acquiring an experienced lender you can trust. In either case, you can benefit from hiring an Arizona Realtor who is knowledgeable in these situations. A Realtor will be able to provide you with accurate information concerning laws as well as recommend a lender who can help you obtain financing for your U.S. real estate process.
It is important to speak with your lender before looking at homes in the U.S. real estate market.
This way your financing will be secured and this will give you an idea of what to look for. Having a bank approval letter is something that should accompany the contract. This let sellers know that you are prepared to buy and are not wasting their time. Once you can agree on contract terms with the seller Ernest money is required. Ernest money is a sum, usually dictated by the purchase price of the house, paid to the escrow company in good faith making the statement that you are buying a home.
Once this is done, the inspection period takes place. This is a period of 10 days where you will inspect the property and make sure it is up to par. During this time you can request any repairs that are deemed necessary. Often professional home inspectors are hired. They are trained and licensed professionals who are adept at isolating potential issues with the property. The benefit of having this time period is that you can evaluate the property and have the option to back out of the contract if everything is not as you expected.
If the property you are looking at purchasing is located in a subdivision, the homeowners association will provide you with a copy of the disclosure. This is usually requested for you by the escrow company. You will then have 5 days to review the information and make a decision of whether you wish to proceed or not.
During the next step of the process, the escrow company will then send you the documents requiring signature. You will have to review these and sign in the appropriate spots. Once this is done, you will need to wire any required money to the escrow service. Bear in mind that there are occasional currency conversion fees applied.
This is a basic outline of the steps to purchasing a home in the Arizona. The process is a little different from those in Canada, so it is important for those not familiar with the process to hire a Realtor to avoid confusion. This will allow for a smooth transaction for your U.S. real estate purchase!