Starting a business in the United States can get expensive. You spend time developing your idea and saving money for your new business, but there can be many expenses that eat away at the money you planned to invest in your new business.
One way to save on starting your new business is to handle your property purchase remotely. It can be challenging, but with the right team in place, you can avoid expensive trips back and forth before you are ready to launch your business.
Here are a few tips for purchasing property in the U.S. from a foreign country.
You will need a power of attorney
Although you can avoid being present for the closing, you will need someone who can physically be in the room when it is time to sign the paperwork, although in some cases this too is not always necessary. Granting someone the legal (but limited) authority to sign your real estate documents means you do not have to make a special trip to close on your property.
Plan trips strategically
Even if you have an extensive network in the United States, you will likely need to make one or more visits to the US. Between flights and hotels and other expenses, the costs can add up quickly.
While you may be able to handle all or most of the property purchase remotely, if you have the opportunity, you should take the chance to see the property in person before closing. You can get a good idea about the property from pictures and video, but there may be something about the property that you would only catch in person.
When you are planning a trip, consider the pieces of your business that require your physical presence and what you can do remotely. You may be able to utilize video conferencing software to help you solve problems from a distance.
The most important point is that nowadays even multimillion dollar closings can take place remotely, but planning is an important part of the transaction.
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If you have any questions regarding real estate law or buy properties in the U.S., please do not hesitate to contact me, Santiago J. Padilla, Esq., either at 800-483-7197, or [email protected]