Frequently asked questions

Questions about purchase

・Can I purchase property even if I am based outside of the U.S.?

Yes. It is possible. Some documents are required to be translated into English and, in some cases, notarization is required.

Notarization means a document is signed or stamped with an identity verified by presenting a photo ID at a US consular office or a notary office and signing it after confirming that the person is the principal.

At closing, if you have given power of attorney in advance to your attorney based in USA, he will close the transaction on your behalf.

・Can I get a mortgage in the U.S. even I do not live in U.S.?

It is difficult if there is no credit history in the US, but it maybe possible. If interested, please contact us. We will introduce you to mortgage brokers.

・ If I live in the US, how much credit history do I need in order to get approval for a mortgage?

Approximately two years or more, depending on the price, revenue etc. of the property you plan on purchasing. Even if there is less than 2 years of credit history, we may be able to help get you a mortgage.

・How much is the down payment?

It is 10% of purchase price.

・How much are the expenses when purchasing?

In the case of cash, it is approximately 2 to 3% of the purchase price, and when using a mortgage, it is approximately 5 to 6% of the purchase price. It is better to anticipate the higher fee just in case.

・Do I need to stay in the US at the time of signing contract?

If you can prepare a letter granting power of attorney to your lawyer in advance, you do not need to attend.

・How do you decide which properties to show to me?

After consultations, we will introduce the properties which fit your request by email. After that, during a Skype Meeting or by email, we will narrow the list down further, focusing on your’s opinions / requests and arrange for an efficient showing at the date and time that you request. Also, if you register as an e-mail magazine, we will send you the latest property information.

・How many properties should I see?

Since it will be expensive shopping, I recommend you to see at least 20 to 30 properties.

Questions about the sale

・How do you decide the selling price?

After a free of charge assessment and judging the condition of the property, we will present a comparison of sales transactions with the nearest similar properties to determine the appropriate market price. Also, if the property has been repaired / refurbished profits and expenses have been deducted, we will provide an estimate.

・When selling, what are the various expenses?

Since the seller is responsible for the real estate brokerage fee of 6%, the total expenses is approximately 8%.

・Where should I pay taxes?

It is necessary to obtain a tax ID number and declare it in the US.Please check with your accountant if there is tax treaty with the country where you currently live. If so, there is no double taxation.For details, please refer to a New York-based accountant.

・Do I have to go to New York to sell the property?

It is not necessary. Documents can be exchanged by Mail · Fedex and important documents can be notarized at a US consular office or a notary office at in the country where you live. Also, before closing, if you prepare a letter granting power of attorney in advance, you do not need to be present.

Questions about managed properties

・If a repair is required, how would that be handled?

In case of simple repair, we will ask the building handy man.
In the case of larger scale repairs, we will provide estimates from several companies, check the contents, consult with customers and decide.

・Please tell me the services provided for managing a property.

Tenant searching and screening · Support move-in procedure · Viewing agent · Tenant’s consultation · Arrangement for repair · Cleaning after move out · Reminder for unpaid rent etc

・What is the property management fee?

It varies depending on the services your require, but generally, 5-10% of rent.

Questions about commercial properties

・I do not have credit history in the US, can I rent commercial properties?

Yes. It is possible. Depending on the property, you may be asked to provide an additional deposit, or prepay rent etc. Also, it would be even better if you could obtain a guarantor who has a credit history in the US (preferably a New York resident).

・How much is the security deposit?

If you have a credit history in the US, and you can prove your credit score is above the average and revenue is enough to pay the rent, it is usually three months.

・How much is a free rent?

It depends on the refurbishment of the property and the contract period. For a 10-year contract at a regular restaurant, you may get a free rent for about three months.

・Goodguy guaranty clause: What is a good guy guarantee?

It is a provision that can free responsibility if it fulfills a certain duty as a guarantor.

・How do you decide which properties to show to me?

After consultations, we will introduce the properties which fit your request by email. After that, we will further narrow down the list and arrange it so that we can efficiently show you the properties that we recommend. In the case of commercial property, the viewing is often between 9:00AM and 5:00PM on weekdays. 

・How do I pay the rent?

Usually you will send a check or bank transfer.

For a free consultation please do not hesitate to contact us.

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