1. Identify desired property and complete the CONTRACT INFORMATION FORM. This form outlines remaining steps in further detail.
2. Sign and return a Purchase Agreement along with a $2,500 deposit (held in escrow until closing) to formally pull the property off the market. Closing will be scheduled two weeks later.
3. Should you wish to raise a 50% mortgage as an international buyer for your Atlanta property purchase then you would now need to apply for the finance through our service providers at this point.
4. Home inspections (if applicable) and Property Insurance will be ordered prior to closing.
5. Closing – Closing documents will be emailed to the Buyer. Transfer of the property will be processed upon receipt of the signed closing documents (no notary required) and remaining purchase funds.
6. Property Management – shortly after closing, your property manager will be in touch for a seamless transition.
7. Property Deed – Your deed will be mailed to you after the county records it in the public records. This typically takes 60 to 90 days.
Should you be purchasing a property in Texas and want the up to 70% mortgage finance that we can offer, you would need to firstly get your LLC in place as well as the finance approval and then you would follow the above points 1 – 7. For more detail on this please contact us.
FEES AND TAXES
1. Are there any other fees incumbent upon the investor to pay besides the actual cost of the property and real estate related fees,?
There are no “extra” fees. Only the standard closing costs on the property which include lawyer’s fee, title search and title insurance, property recording fee and county tax which comes to a total of 1.5% to 2% of the purchase price.
2. Is there a purchase tax?
No. There are not additional taxes beyond the closing fees mentioned above.
3. What are the annual holding fees and costs?
Holding costs include the Property Management fee (6 to 8% of the collected rent); Annual Property Tax (approximately 1.5% of the purchase price); Property Insurance ($500 to $900 per year, depending on the age of the property); and sometimes Community Fees (HOA Fees, ranging from 0 to $1,500 per year). All fees are listed for each property on our price sheets.
Should you purchase property with a mortgage in Texas then you would need to include the LLC setup and maintenance costs as well as the monthly mortgage costs. Setup costs for a LLC have been reduced to around $1,000.