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My parents who do not live in the US and are not US citizens want to buy a house for me under either one's name. They will be paying cash for the house. What is the process? What forms of document do they need to show?
Dude, this is not Japan. A foreigner can buy anything in the US. Houses, cars, land, whatever. As long as your parents got the cash no one cares where they're from.
As for document, your escrow officer will tell your folks what to bring. My guess is a passport will work.
Depends on if they are signing here or not. Yes foreigners can buy homes in the US just realize that there is FIRPTA (Foreign Investment in Real Estate Property Tax Act) so they may be subject to additional taxation on any gains on the property when they sell.
They don't have to be in the US to buy but depending on which country they live in, they may have to go to the US Embassy in order to get documents notarized for the purchase.
Yes they can buy a home in the U.S. in their name and you can live there as long as you are either a citizen or have the proper visa if it's longer than a holiday visit.
Get with an attorney or realtor in your area to explain the basic process.
My parents who do not live in the US and are not US citizens want to buy a house for me under either one's name. They will be paying cash for the house. What is the process? What forms of document do they need to show?
They should be ready to show where the money came from as well. Anti-money laundering laws and reporting requirements will likely kick in when doing a transaction of that size. If they have saved the money over time, or if the funds came from an insurance payout or something, then it should be pretty easy to produce documentation.
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