- The US is a major economic power in the world, so the country’s real estate market is always an attractive investment channel for wealthy investors from all over the world. This is an indirect investment category through investment in regional centers that often focus on the real estate business such as resorts and high-class hotels in order to follow the intention of the US government to encourage development. economic development in these rural areas, creating jobs for Americans, thereby reducing unemployment and contributing to the growth of the US economy. However, besides attracting investment for economic development, the US government also issued strict regulations and supervision for this investment.
- Unlike real estate laws in Vietnam or other countries, real estate laws in the US state by state, have basic similarities, especially allowing foreigners to buy and owns real property in the United States, whether that person is in or outside of the United States. That is, people who are in Vietnam and if they have financial capacity, they can still buy and own real estate legally in the US. However, in order to be able to facilitate the procedure of buying and owning real estate in the US as well as benefiting from the rental or sale of such real estate, foreign investors should note the following important contents: This:
– Investors need to have a plan and strategy for real estate investment in the US with each specific step, the most important step is the preparation step to “legalize” to prove the legal origin of the source. money to buy real estate.
– Investors should pay attention to choosing the type of real estate to buy (villa – single house; townhouses (condo, apartment), because each type of real estate often has its own regulations and procedures, and Therefore, it is also different for the case of the buyer who is a legal resident in the US or for a foreigner.
– Foreign investors need to pay special attention to the federal, state and local real estate tax regulations where the real estate is located. This is a particularly important content that foreign investors need to pay special attention to because without good advice on real estate tax, investors can “lose both lead and fish”, ie. both the government foreclosed on real estate, continued to collect outstanding tax, and could be arrested and criminally prosecuted when the investor came to the US.
– Investors also need to pay attention to the issue of TAX on inheritance of real estate (estate tax).
- Especially after the covid pandemic, old and new projects have started to be deployed vigorously again. But it is at this stage that if you decide to “pour capital” into the investment, you need to thoroughly understand the legal real estate. So the issue of legal examination is very necessary. Real estate legal documents are related documents about real estate projects. Including business license, detailed plan, LURC, acceptance test… The legal inspection of the project before making a real estate investment decision is extremely necessary. Because this is the “guideline” to determine whether the investment is secure or not. Especially minimizing the risks involved.
- A legal review of real estate is advisable. Because in addition to avoiding money risks, it is possible to prevent the handover of the finished product. This is in the case of legal problems leading to the construction of the project, handing over to the customer longer than expected. In some cases, investors are still open and not implemented. At this time, the buyer’s investment capital will be “buried” in unfinished projects.
- Project legality is regulated by Law. Therefore, as soon as there is a problem with an investment project, the customer will be compensated by the law to compensate the customer. However, in case the project does not have enough legal documents when there is a personal problem, the customer will not be compensated. Because at this time, the Law cannot certify and claim back the rights of customers. Wire is also the time when customers “empty hands”, “money lost disability”.
With the legal necessity in the field of real estate investment in the US to limit mistakes, risks and safety, TRUONG LAW FIRM will be a place specializing in providing services on real estate legal issues. like:
- Residential and Commercial Real Estate;
- Confiscation and recovery of mortgaged property;
- Property appraisal;
- Negotiating and leasing real estate contracts;
Come to Truong Law Firm, we are proud to be the leading legal consulting unit. With prestige and capacity, Truong Law Firm believes that it will give you the best start, the most reasonable cost, and the highest legal security in the investment process.