Buying a property in the United States of America with Benoit Properties is simple.
Once you have selected your chosen property, and made a formal reservation, we will submit all of the paperwork to our US office, who will then send over the initial purchase paperwork, which outlines the apartment which you are purchasing, the purchase price and the terms of sale, for you to sign and send back.
In the US title companies act as an escrow agent between buyer and seller in order that all funds are held securely prior to completion. They carry out all of thorough title searches, title clearance and title insurance policy checks to ensure the efficient and secure transfer of real estate from bone buyer to another.
The initial work on your transaction takes around 7 days, and once complete the title company will confirm and arrange a convenient completion date.
Banking and Taxes
In order to simplify the ownership process and save on international banking charges, we recommend that clients set up a US bank account to manage your rental income and expenditure. We have an established relationship with Transferwise where you can set up an online account in a matter of minutes. You receive a bank card and a relevant USD, GBP and EUR dedicated account with access via an online app 24/7.
US tax regulations for non US Citizens can be quite complex, so it’s beneficial to work with a reputable accountant who understands the regulations. You will need to set up an ITIN number (individual tax identification number), which ensure that you are tax compliant.
At Benoit Properties, we work with our accountancy partners who can assist with this for you, and will help you not only to set up your ITIN, but to ensure that you are always tax compliant, and are able to benefit from any relevant tax relief.
This can be of great benefit to our purchasers as it saves time and ensure that you are fully compliant with the least amount of effort.
The Closing Process and Completion
Ahead of your agreed completion date, you will receive your closing paperwork which outlines your final payment and the balance required to complete.
Once the closing documents are signed and returned, you will be provided transfer instructions for your balance payment.
Once the title company has confirmed receipt of your balance, completion can occur and the title is transferred into your name. This happens simultaneously with the funds being disbursed to the seller and ensure your security throughout the transaction.
When completion occurs and your sale is confirmed you will receive an immediate confirmation of closing and an electronic completion document, known as a HUD document from the title company.
Keep you HUD document safe, as this is your proof of ownership, and will need to be supplied when you eventually sell your property. You will receive a hard copy of deeds within 6 – 8 weeks of completion.
We understand that managing a property overseas can be challenging, and it’s hard to find the right managing agent. That’s why we operate a fully licensed Florida Property Management company, Benoit Management LLC.
We can help you to source tenants, manage the tenancy, and help you with monthly and end of year statements for tax purposes.
Benoit Management also has a dedicated management software that helps you to view your statements in real-time allowing you to keep up to date with how your investment is performing 24 hours a day.
As experts in the Florida Market, and with a great range of investment opportunities available, Benoit Properties are glad to help those looking to invest in this fantastic location.