Good News – Yes you can reside and be a citizen outside of the USA and own property!
Currently this year we have seen property in Los Angeles increase in value by 8 to 10%. Rental income usually yields around 6% a year of the property value. As a foreign national you can own property in the USA and also rent it out. Tenants usually pay all utility bills unless you buy a multi -unit building in which case you would have to pay for water utility bill.
When you buy property in Los Angeles usually the seller will pay all agent commissions, property transfer acquisition taxes, and closing costs. There are no hidden fees for working with an agent to find you a property to invest your money with in Los Angeles.
Transfer – legal documents. Usually in the USA most transfers occur using an escrow company and the realtor agents representing buyer and seller. We do not use lawyers like in the UK and Australia, and we do not use a notar like in Europe. An escrow company will act as a neutral third party to the transaction and hold the deposit and transfer funds and register the property with the land registry under the new buyer’s name. They take care of all commissions and disbursements from involved in the sale. The Realtor agents will prepare contracts between parties and advise and counsel. You will need to provide a copy of your passport to escrow when you purchase the property. A copy of the grant deed title to the property will be sent to your registered address along with a copy of closing documents from the escrow company. For more info on the buying process you may visit our first time buyers tab at fineurban.com.
For more information on purchasing a property in Los Angeles or if you have a property in mind that you would like to visit contact Barry Boyce at –
make it a great day!