How to purchase a home in the U.S.(2)
USINFO | 2013-11-04 15:11

TO KNOW THE U.S.REAL ESTATE MARKET
The way U.S. real estate transactions are carried out may differ from your home country. EACH STATE IN THE UNITED STATES has its own set of rules regarding the purchase of real estate, including the type of purchase contract used, the method of closing the sale and even the duties and titles of the individuals involved.

Several important U.S. real estate practices worth noting:
In the United States, real estate listing information is shared by agents using multiple listing services and consumers can access that same information using real estate sites such as Zillow. In many other parts of the world, real estate is a fragmented business and buyers have to go from agent to agent to find a property.

In some countries, it is typical to pay a fee to the agents who are scouting properties on your behalf and showing you around. In the United States, the sales commission is paid by the seller, so buyers don't pay anything to have an agent work on their behalf.

In the United States, real estate agents need licenses to operate. The licensing laws of each state differ regarding how much education is required, the type and depth of licensing examinations, and whether continuing education courses are required once an agent becomes licensed. The licensing system was designed to ensure real estate agents are qualified to guide consumers through the maze of finding, evaluating and financing real estate. Many other countries like Costa Rica, Mexico, El Salvador and Belize do not require real estate agents to be licensed.

Foreign buyers will also want to give consideration to issues such as currency exchange rates, international wire transfers, banking systems, multi-national taxation and accounting issues, and import/export restrictions regarding currency and household goods.

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