The purchase of your real estate investment can be made by cash or mortgage. If you choose cash payment, the transaction can take about 15 days to be completed. The advantage is that the buyer will not need to be physically present to sign the documentation. Everything can be done online. If the payment is financed, the transaction will be completed in a minimum of 45 days, and in this case, the buyer will have to pay around 30% of the value of the property as a down payment and the rest will be financed in one of the following ways:
- 30 years with a fixed average interest rate of 5 - 6% per year;
- 15 years with a fixed average interest rate of 5 % per year;
- 30 years, with variable interest rate, except over the first 5 years when the average fixed rate will be approximately 3 - 4.25% per year.
- The buyer will have to be present on the closing day to sign the documentation, in case of mortgage.
Required documentation for cash payment:
- Copy of passport and visa;
- Copy of bank statement or financial application proving the availability of at least the amount of the property to be purchased;
Required documentation for mortgage:
- Copy of passport and visa
- Bank account in the United States;
- Letter from the Employer indicating the income for the last 2 years;
- Copy of the last 2 years of income tax, personal and company (if applicable);
- Copy of the last 3 most recent bank statements;
- 2 letters of credit reference;
- Negative certificate of debts - SERASA;
- Proof of the funds, i.e. the amount of the 30% down payment plus 6 months corresponding to the installments of the mortgage on account or bank application in the United States.
Note: Required documents will vary from bank to bank.