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Buyers urged to get legal advice before purchasing US property

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Buyers urged to get legal advice

People in the UK who are considering purchasing real estate in the US have been urged to consult with a professional beforehand.

According to Liz Rowlinson, editor of A Place in the Sun Magazine, property buyers must obtain independent legal advice before committing to a purchase.

Investors were also encouraged to be wary if they are purchasing a bank-owned residence, as these can be different from regular transactions.

"You need a legal specialist in the type of property and you need to expect it to be a long, slightly complicated process," Ms Rowlinson commented.

Getting expert advice on the issue could help buyers ensure any online money transfer activity goes smoothly and that they avoid falling foul of small print on contracts they may otherwise not have been aware of.

Ms Rowlinson added that investors from the UK will probably find their transaction simpler if they can produce the cash up front. This, she said, is because it is not particularly easy to obtain a mortgage in the US at the moment.

"Be wary about who you are dealing with and always have legal advice," Ms Rowlinson insisted.

She was speaking shortly after figures from the National Association of Realtors (NAR) revealed the US has recently been attracting lots of interest from real estate investors across the globe.

Statistics showed that the country was especially popular with Canadian buyers during the 12 months to March 2012, while people in China, Mexico, India and the UK also appeared to be keen on the American market.

Collectively, buyers from these five countries were behind 55 per cent of all international purchases throughout this period. Data from NAR also showed that £52.9 billion worth of property in the US was sold to foreign nationals during the year to March 2012. This is up from £42.5 billion in the previous 12 months.

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